We hope that your business has been booming throughout this pandemic. If it has, congratulations! Are you finding yourself running out of space, or limited in your ability to fill orders because of capacity issues? If so, you are probably looking to expand into a new or bigger commercial property. What are some things you might keep in mind when it comes to deciding whether to buy or lease the property?
Well, to a certain extent, you might compare it to the pros and cons involved in buying or renting a residential home. For example, renting or leasing does not typically allow the occupant to customize or renovate the building to fit their needs. There is often a down payment involved in leasing or buying, but this is typically much larger when purchasing a commercial building. Buying property may also be a good tax write-off, whereas renting may not be as beneficial.