While some businesses have taken a severe hit during this pandemic, other businesses have found themselves expanding beyond their limits. If you’re a business owner who has been doing quite well this year, you may be finding yourself in need of more physical space in which to operate your business. Should you buy a building, or should you lease some space?
Well, as with anything, there are plenty of factors to consider before making a final decision. For example, the down payment for commercial property can be significantly higher than it is for residential buildings – even up to about twenty percent of the building’s purchase price. Leasing the space may be cheaper month over month, especially if you’re unsure of the long-term need for a physical space. However, you will likely not be able to customize or renovate the space to fully meet your needs. This is just the tip of the iceberg – be sure to consult a professional for more information!
