As a business owner, there may come a point when you need to answer an important question: Is it better to lease or buy office space?
While both options have their pros and cons, there are many reasons to consider making a purchase in the near future (if it fits into your financial plan). Here are a few things you should consider:
- You can build equity over the long run
- Your costs remain the same, year after year
- You can take advantage of more tax deductions
- You can rent out any space you are not using as an additional income stream
These are the types of things to think about as you consider if buying office space would be in your best interest. While this isn’t the right decision for every one, it’s something you should at least learn more about.
Once you understand the benefits, you can turn your attention to the search process. This should entail a detailed search, giving you a better idea of what the market in your area has to offer.
As soon as you find a property, you can turn your attention to making an offer, getting a contract in place and following through with the closing.
Since there are many things that can go wrong when buying office space, you should get everything in order as quickly as possible. When you know what you are looking for and have a clear idea of your legal rights as a buyer, it’s much easier to be confident as you move forward with this big purchase.
Source: Quickbooks, “Is it Financially Better to Buy or Lease Your Office Space?,” accessed Dec. 06, 2017