Deciding Whether to Buy or to Rent a Commercial Property
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To buy or to rent? That is the dilemma for many people when looking for a commercial property. For some, it may not be an issue at all because they already have a business plan developed and, within that plan, it is already decided whether it is best to buy or rent a property. But, for many people, especially those who are not very experienced or are just starting up, taking this decision could be a crucial factor in the future of their business endeavor.
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Sometimes, it can be much more beneficial to rent, even if money is not an issue. This is because there are several factors involved such as a predicted growth, which that will require a bigger infrastructure to work in within the next year; or a cost-benefit analysis where it is more profitable to rent; or, simply, because the nature of the business itself does not require to settle in just one place but rather can be anywhere and will not be affected. As everything in life, when you rent there will be some pros and cons, and it is necessary to foresee these before you take the final decision.
The same can be said about buying; pretty much the same factors come into play when you decide to buy. However, it is a task that requires a much deeper analysis to be done before deciding which specific property you will get. It is a more compromising decision because if there are any issues with the property, you will be the responsible for them; there will not be any landlord to take care of that particular issue. Also, it could be the case that you buy a property which does not meet your expectations overall.
On the other hand, buying your own commercial property also has many advantages over renting it: you can arrange the place however you want depending on the particular needs of your business without having to consult your landlord or the leasing company; though you still have to meet health and safety regulations. Also, you are making a real estate investment and if you decide to close your business for whatever reason, you may make a profit by selling the property.
Whether you decide to buy or to rent a commercial property, it is recommended that, in addition to having a professional’s guidance, you do thorough research about the property. Additionally, there must be a well-structured business plan to see what works better for your business.
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