Is your currently business in the position to expand to a bigger space and you’ve found yourself plagued with the question of whether you should rent or buy? To help you decide whether buying a commercial space is best for your business we are going to share a few questions for you to ask yourself.
- Will the building help or hinder your growth? Look at how fast your company is growing; you donb t want to be limited to a small space if your company is growing fast, or if it is gradually growing you may prefer to take over B neighboring leases.
- Can you pay the mortgage? Calculate whether your monthly costs would rise if you took on a mortgage.
- How much control do you need? If you need to make drastic changes over the years purchasing would be your best option being that most landlords will not allow such alterations.
- Are write-offs be possible? If your business is profitable, Property ownership can lessen tax burdens for profitable businesses.You may be able to write off some of the building’s cost each year in the form of depreciation. Buying the building personally renting to your company through an ownership structure also offers tax advantages.
- Do you want to be a landlord? If you purchase a building with other tenants youb ll have to deal with from building improvements to rent increases. If you donb t have the time or the managerial skills, but you love the property you may want to consider hiring a property manager.
- What is its potential as an investment? Remember that property ownership is an investment so remember to consider whether itb s in a thriving area or not and price. (Inspecting the World)
For a more in depth analysis on whether you should rent or buy commercial space in South Florida call Morris Southeast Group at 866-930-1426.
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Tags: commercial real estate, South Florida commercial real estate, South Florida commercial real estate services, South Florida office property
