2nd December 2009
The price of a decent conference room table is usually very
high. For this reason, you must decide whether you will lease or purchase the
table. When deciding whether a lease or a purchase is right for you, it is
important to consider the benefits and the disadvantages of both options first.
The benefits of leasing the furnishing are numerous. One of
the biggest benefits is that leasing makes the furniture affordable, if there
is no room in the budget for an outright purchase. Another benefit is that as
the furniture wears out, you can easily replace it with a brand new table,
without paying anymore than you currently pay on your lease. If the furniture
needs any repairs, the lease company will cover those repairs.
The cost of the lease – every bit of the money that you pay
– is also tax deductible. Another benefit of leasing the table is that if you
ever decide that you no longer need the furniture, you can easily cancel the
lease or not renew the lease. If you’ve purchased the furniture, you must
either keep it or try to sell it to recover what you have spent. Of course, it
will be used and you can never hope to get out what you’ve put into it, in
terms of money.
The disadvantages of leasing a conference room table are
that you never actually own it and if you lease for a long period of time, you
may end up paying more money that you would have paid with an outright
purchase. However, when you consider how often the table may need to be
replaced – depending on the use that it gets – you may determine that you are
still better off with a lease.
The benefits of purchasing are actually very few. Again, if
you are going to keep the table for a long time, you will pay less with an
outright purchase. However, that purchase is only tax deductible once. After
the initial deduction, you can only deduct the depreciation value of the table.
The disadvantages of purchasing a conference room table are
that if the table needs to be repaired or replaced, you will have to pay for
it. Of course, another disadvantage is the initial cost of the table, which may
not fit into your business budget.
Your budget may make the decision for you. Again, if it
isn’t in your budget to purchase the table, you will need to lease it. However,
if there is money in the budget for the purchase, you will have to weigh the
pros and cons of leasing and purchasing to determine which option is right for
conference room table really gives your office and your business the appropriate
level of importance, which matters a great deal to your clients. Instead of
looking like a small operation, your business will look more like a major
player in your industry, giving your clients more confidence in what you can
offer before you even make a sales pitch or proposal.