Pros and Cons of Buying Office Space

When it comes to getting office space, many business people find it hard to decide whether to lease or buy a property. The need for a new office space can be triggered by business expansion, change of location, or opening a new branch. Whatever the case, the decision you make will be determined by several factors, including?your financial status, tastes, and preferences. Each choice, whether buying or leasing, has its benefits and downsides, as discussed below.

Pros and Cons of Buying Office Space

Buying means paying for a property to the seller either using cash or loan proceeds.

Pros

• Extra income – you can rent out part of the property and earn additional monthly income.
• Tax deductions – some of the tax deductions you get from owning and operating a commercial property include mortgage interest and property taxes.
• Unwavering costs that result from locking in your commercial mortgage for an extended period.
• Retirement savings – the property’s value can appreciate, and you can sell it later at a higher price to fund your retirement. (Click Here To Learn More)