If you’re in the market for some real estate space for your business, you are undoubtedly considering a lot of different options. One set of decisions that you’ll need to make is whether to buy or lease your commercial property.
Ultimately it comes down to what works best for your specific type of business. You may require a specific location, and that location may only offer property leasing. Or, you may need to make significant renovations to accommodate specialty equipment, and chances are good that you’d only be able to do that if you own the property. Alternatively, your business may benefit from the flexibility of month-to-month rent.
It’s important to consider financial variables in your decision, as well. For example, down payments for commercial property are often much higher than residential property. However, that down payment could be offset by lower monthly costs. In some cases, purchasing commercial property may be a significant tax write-off for your business.