Moving your business to a new location is a tricky affair that requires careful planning and consideration of your needs. You need to choose your location with the utmost care and consider the costs and conditions of your change. Included in this is the choice between buying and leasing. Buying is more expensive, but you own the property and the right to do whatever you need to for the building. Commercial leasing can cost less, but you have less choice in caring for the building. Keep reading to learn more about commercial leasing and sales differences.
Purchasing a building is generally more expensive than leasing it. However, owning a building gives you more control, allowing you to renovate it to fit your needs. Additionally, the cost of owning the building can be written off on your taxes, and you can rent it out to other businesses to increase your profits and further reduce taxes. The flexibility to change the size and shape of the building can also benefit you as your business grows.
However, if the property is connected to other properties, you may be unable to make as many changes. If the investment is worthwhile, purchasing the building can be a good option. On the other hand, if you can’t find a suitable location for purchase, commercial leasing may be a better choice.
Acquiring property through leasing is a different process than buying. The initial leasing costs are much lower than purchasing and will remain lower unless you keep your business in one location for a long time. However, you won’t have control over the fate of the building. Without direct access to the building’s documents, you won’t be able to change the structure, even if it desperately needs repairs. On the other hand, you won’t have to pay for the upkeep, and a reasonable landlord will listen to your needs and schedule repairs appropriately.
This option is better if you expect a stable income for your business, as slow growth means you won’t outgrow the building quickly, while a leaner year won’t ruin you financially. Additionally, if the property is connected to other units, neighbors will be available to help you with the more personal maintenance side. However, being friendly to them is important, as their complaints will register with the owner. On the other hand, being polite will earn you more respect and possibly recommendations to friends to help your business. Commercial leasing can prove to be a wise business choice.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.