Office spaces can be considered one of the hardest to find, especially one that would suit your needs and also at the right price. Although that is the case, there are times that you eventually find one but you're caught in a dilemma on if you're going to buy one or renting it. This decision may be hard at times at it requires understanding on the pro's and con's of each. Therefore, before you take a decision also get to know on the advantages and disadvantages of buying an office space.
First of we'll head to buying an office space where one of the advantages are the fact that you do not have to worry about rental fees that you'd have to pay every month without fail. Instead you only have to pay a fixed monthly cost on maybe the loan you have taken for your new office and in the long term buying an office allows you to lock your commercial mortgage. Besides that, owning an office space can also allow you tax deduction. Mortgage interests and property taxes are some examples of payment that you do not have to pay if you have your own place. Last but not least on the advantages, by buying office space you could also earn additional income by renting the premise or extra space to other individual or businesses.
Next we'll head on to the disadvantages whereby one of the most common would be the upfront costs that you'd have to make. Down payment is an example of payment that you'd have to make upfront when buying an office and it does not come cheap. Besides that, property appraisal and maintenance costs are also places where you would eventually need to fork out as the place you have bought would need proper furnishing and improvements to actually start off with your business.
No comments:
Post a Comment