While it’s true that many businesses have been adversely affected by the pandemic, other businesses are expanding beyond their expectations, leading them to search for commercial property that will help them continue to meet demand. As long as location requirements don’t predetermine it for them, business owners in this situation need to decide whether they’ll buy or lease their new space.
Buying commercial property offers flexibility in one sense because customizations or renovation are mostly their decision to make. However, owning property can also make it more difficult to relocate if needed. Owning a commercial property may allow you to have some additional rental income, whereas this wouldn’t be possible with a leased building. Buying property comes with a large down payment, but renting comes with high monthly rent costs. Liability insurance would likely be required for your own building, but may not be required for a tenant. These are just a few of the many pros and cons to consider!
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