When you’re planning a business trip out of town, corporate housing is the best way to go. It’s the most convenient and cost-effective option, as all the amenities and features will be included in the price. You can enjoy the same quality of accommodations as an expensive hotel, but without the additional requirements that one has.
One thing to keep in mind when it comes to corporate rentals is that the finances for it may not be what you expected. You usually have to do more paperwork than just putting in your credit card information, as you will have to note the expenses in your company’s account.
Therefore, it’s important that you have a way to fund the entire rental term to make sure that there won’t be any problems in the future. That said, here are three of the best ways to fund your corporate rental unit:
1. Retail Credit Cards
If you don’t prefer to classify the rental fees as a business expense, you can use your personal or retail credit card to fund the rental. While this might not be the most popular option, it comes with its own benefits, as you won’t have to do as much document filing as you would if you were to use your business credit card.
Additionally, the fees will add to your own personal credit, which will help to improve your standing. One thing that you need to keep in mind is that retail credit cards have much higher interest rates and delayed fees. Therefore, you need to make sure that you always pay your credit card bills on time every month to avoid this issue.
2. Business Credit Cards
As mentioned, business credit cards have a lower interest rate, which makes it more suitable for bulk purchases, which are what you usually need to make when paying for corporate housing. When you’re on a business trip, you may have to book more than one apartment, as your employees probably won't be comfortable sharing rooms for months.
Using business credit cards to fund your rentals, will help make the process much more streamlined and less complicated. You will have to read the terms and conditions on your credit card to understand the annual fees and interest rates so that you don’t run into any unpleasant surprises by the end of the year.
3. Business Loan
If you prefer not to use a credit card to fund your rentals, you can take out a small loan instead. However, this may not be the easiest thing for a company to do, especially if you’re a small, unestablished business. The lender will look at your credit scores and financial statements to see how your business is doing. If they don’t like what they see, they may not lend you the money you need. Additionally, you have to take note of the interest rate to make sure that it’s suitable for your finances.
How to save costs when buying furniture:
When it comes to funding your furniture needs, you can talk to a wholesale distributor to reduce the overall costs. You won’t have to buy each furniture piece by piece from a retail store, as the small differences can add up very quickly.
If you’re looking for furnished corporate apartment rentals in NYC, Tempapts is here to help - get in touch today to book your stay!
