Buying vs Renting?
It’s a question that pops up for everyone at some point in time. If you’re a business owner, it can be a difficult decision with far-reaching implications for you and your business. As with any decision, you understand that it requires research, weighing both options, and coming to an informed conclusion that sets the table for continued success. We’ve compiled a list of factors to consider for your commercial project, and we’ll let you decide which is the savvy move for you and your business: buying vs renting.
Location
Location can make or break your business, so it goes without saying that it should be carefully considered whether you’re buying or renting a commercial space. Many business owners that choose to lease do so because it presents an opportunity to get their operations up and running on a faster timeline. In most cases, you’re likely to find a variety of commercial sites available for rent, and because the leasing process is less intensive, you’re able to move in relatively quickly. If you’re looking for a quick transition, that strategy might be the way to go.
If you’re looking for a long-term solution, there’s simply no substitute for purchasing a commercial building. When combined with extensive research: local zoning laws, community planning, traffic patterns and population projections, for example; an owned facility is more conducive to long-term success. It allows the business to establish credibility and an identity as part of a thriving community.
Creating Value
Many business owners decide that initial cash flow is a priority in getting their business up and running. A lease allows them to use that extra cash to invest in their business, and that short-term investment often gives them the security and start they need.
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