Why Buying Your Office Space Could Be A Good Financial Move
If your office lease is approaching the end of its term, it's time to start considering your options. If you need more space or better offices, then you may look into moving into a new building and getting a new lease. However, you don't want to overlook the option of buying office space. If your business is stable and well-established, then buying an office building could be a good financial investment for your future. Here are some reasons buying could be a good choice and what to look for in office space for sale.
Advantages Of Buying Your Office Space
One of the benefits of buying any type of real estate is the equity you build in it over the years. As a business, you can use the equity for collateral on business loans. Since the value of commercial property usually increases over time, by the time you pay off the building, you could have a nice amount of money that you can use when you sell your business to retire.
Plus, if you buy a building with more office space than you need, you can lease out offices and have extra income that helps you pay off the mortgage or that you can use for your business. You might even enjoy tax benefits as a commercial building owner.
Besides financial advantages, owning your own office space allows you the freedom to do what you want with the property and not have to comply with a landlord's rules. Plus, you won't be subject to rent increases or have to deal with unpleasant landlords.
Important Things To Look For When Buying Office Space
Buying office space is a lot like buying any other real estate in that you want to inspect the property fully so you're aware of any improvements that need to be made before you buy. Also, when looking at office space for sale, consider the location. You want a convenient location for your clients and employees. If you'll be leasing office spaces in your building, then consider how a location would benefit those who rent from you. The location could help or hinder you when trying to lease an office.
In addition, the appearance of the building matters too. If you just have one or two employees, you might be happy with a converted ranch house that's zoned for commercial use. If you want to attract professionals to your office spaces and charge high-end rent, then you'll need a building with a professional appearance.
You may want to work closely with your accountant and a commercial real estate agent to find the perfect property that would benefit your financial future. If you're committed to your business and plan to stay in the same place for several years, then buying your own office space could be a good choice that pays off as you build equity, bring in rental income, and get tax breaks.
