Renting or buying a gallery space

For all art admirers owning an art gallery can be a major dream come true. This way you can mix business with pleasure every single day. Not much can beat doing what you love and making a nice profit while at it. However, when on the journey of having your art gallery there are complicated decisions that you must make. One of them is solving the renting or buying a gallery space dilemma. So, let’s figure out together if buying a gallery space is the solution you were looking for or if renting is the better alternative.

Renting or buying a gallery space – what should you do?

The ultimate goal is finding the ideal gallery space. There are lots of factors that will play a role when making this not so simple decision. While on the path of contemplation never lose sight of the following facts.

A man covered in post-its because of the stress caused by the renting vs. buying a gallery space dilemma.

Tough business calls can easily push you into stressful territory. Read our tips and stay grounded. The right choice is just around the corner.

Know your budget to a tee

Whichever way you decide to swing it, make sure you are 100% certain how much money you can spare on your art gallery space. Not only will your decision be based on the number of cash you have, but you can get in serious trouble if you end up miscalculating your financial capabilities.

Renting is a great way to test the waters

It doesn’t matter if you are relocating a gallery space or starting a brand new art business. Renting a space gives you more flexibility when it comes to testing different neighborhoods. For instance, at first, you might think that Manhattan is the perfect spot for your gallery. Yet, as time passes you might change your mind or business might be slow and you decide to relocate to Brooklyn. In this instance breaking a lease is a much less challenging venture than selling your property and purchasing a new one in a different borough. Renting or buying a gallery space becomes an even more important question.

Buying a gallery space can be a great investment

While renting is more flexible, purchasing a space for your business is a serious commitment. Still, this commitment can come with some great perks in the long run. Even after a while, you decide that your purchase isn’t right for your business, you can flip the property for a higher price than what it was bought for. Also, you can just rent it and relocate your art gallery to a different space.

When moving your gallery ask for professional assistance

Art pieces are more often than not very expensive and extremely fragile. That is why their move requires special care. Under no circumstances do we advise facilitating such a complex relocation on your own. Professional movers have the tools, knowledge, and experience and they will make sure all your art is moved safely and in one piece. But, when hiring professionals make sure they are experienced in moving fine art.

A colorful vase in a museum.

Vases, sculptures, and other fragile art pieces are especially difficult to transport and pack during a relocation.

Conclusion

We cannot say if renting or buying a gallery space is a better option. The answer to this question can vary depending on your financial situation, your location, the type of art that you will present in your gallery and so much more. Nevertheless, one thing that we can advise you on is to take your time. With careful consideration, we are certain that you will make the best possible choice for your art business.