Whether you are just starting a business or growing your current business, you may encounter a time when you need commercial property for it. If you are in this position right now, you should realize that there are properties available for rent and other properties available for sale. Choosing between renting and buying can be a difficult decision. Here are some of the top factors you should consider as you make the decision whether to rent or buy commercial property for your business.
The property that is currently available
The first factor that could affect this decision involves the properties that are currently available in the area where you want to have your business. If there is nothing currently available for rent but lots of properties for sale, you might have no option other than to buy property. On the other hand, there might be a lot more properties for rent rather than for sale. You should take time to look at both options if both are available.
The amount of money you have to invest
Secondly, your decision should be based on the amount of money you have to invest at this time. If you do not have a large amount of cash on hand, renting is probably the better option. If you have money in the bank, buying a property can be a great option, especially because owning a property might offer a lot of tax incentives that could be helpful for your business.
The control you want over your business property
Control is another factor you will have to consider. If you rent, you will have a landlord dictating rules to you, and this means you will have less control. Owning property gives you more control and is often worth paying the extra price for, especially if you want to be able to use the property however you need to for your business.
Your future plans for the business
The other factor you should think about is the future of your business. When you choose a property, you must think about where your business is heading. If you want to expand in five years, you will need to find a property that allows for this, and this is just one example of how your future plans should be a factor in this decision.
As you think about these factors, you may have an idea of which route you should take. If you would like to begin viewing commercial property that is for lease or sale, contact a real estate agent.