Should you lease or purchase a modular building? It all depends on the situation, so let's take a look at the top three benefits of leasing a temporary building:
- Financial Benefits
Often times, especially for education, healthcare, and government space needs, the space may only be needed for a short amount of time. By leasing a modular building, organizations can get the temporary space they need in a short amount of time without investing long-term in a modular building or permanent building space.
There is also the financial aspect of funding approval and organization specific accounting. For some organizations, they recieve their funding approval on a yearly basis, which covers the cost of a lease, but not a purchase. For others, it may depend on what accounting bucket their funding is coming from to cover the temporary space.
- Time Benefits
Like we covered with the financial benefits, leasing a building can also offer a time benefit to an organization because the space is only needed for a limited amount of time. For organizations completing a renovation or expansion project, swing space can be provided by the temporary modular buildings. With the construction or expansion area completely vacated to temporary space, the project can be more efficiently competed.
Time benefits can also be used as an organization is planning for a permanent construction project, getting more funding, growing enrollment, etc. Leasing a modular building also gives an organization the temporary additional space needed with the additional flexibilty of removing and relocating the building at the end of the lease.
- Leasing Options Benefits
Temporary building space needs can come in many different forms. By leasing a modular building, organizations have the flexibility of several different leasing options. Specifically, here is what IMS offers:
Operating Lease – A long term rental that allows customers to pay for the modular building only for the period of time that it is needed. When the building is no longer required, it can be purchased or returned.
Finance Lease – A lease-to-purchase arrangement that allows customers to purchase their modular building over time.
Municipal Lease – A low-interest lease to purchase that is a useful financing alternative available to state and local governmental agencies, public school, and some charter schools.
Each need is different, but the benefits stay the same. If you're looking to learn more about temporary modular buildings, check out What is a Temporary Modular Building?