What You Should Know Before Buying the Property You Lease

March 15, 2022

At some point, you’re going to have to make the decision to either buy your commercial property for your business, or to continue renting. It’s the inevitable conundrum of almost every business owner. So: what are the advantages and disadvantages? Is it right for you and your business? Here are some things you should know.

Increased Costs

It is true that on paper, buying commercial property is more expensive in the short term. Either you personally or your business will need to be financially established enough to be able to afford real estate payments – that will far exceed those of rent payments. It is also true, however, that owning property is more financially advantageous in the long term. Not only does it come with new freedoms related to ownership, but it also creates a financial safety net for if the business falls on hard times. But of course, it will take a greatly increased cost to get to that point. So, start preparing now!

Commercial Maintenance

Once owner, every responsibility of upkeep will fall to you – not only to preserve appearances for your employees, but to preserve the monetary worth of the property itself. Everything from plumbing to the electrical system to the parking lot will need to be supervised and checked regularly. It is essential that you familiarize yourself with a basic understanding of each aspect of property maintenance, or that you hire a professional to do so for you. For example, knowing that asphalt is ideal for a parking lot because of its low cost and quick installation time can help you greatly.

Knowing When to Hire a Professional

There are many aspects of purchasing and owning commercial property that you may want to let a professional deal with, and not only the maintenance. Exactly what you will do yourself and what you will have someone else do is dependent on factors like the size of the property, the number of employees, your personal experience and knowledge within the field of real estate, etc. You may even want to let a professional deal with the actual purchase of the house, or with other administrative aspects.

Buying commercial property is a big leap, but it’s an important one – it can grant you many advantages and is a sign that your business has stepped it up a notch. By jumping through the proper hoops of preparation, you will not only know what decision is best, but also the best way to carry it out.

Check out this article on how your personal life can get in the way of your business!

Categories

More Posts:

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

How to Reduce Your Tax Burden When Operating a Business

As a business owner, you already have many financial responsibilities. Adding on the burden of taxes can be overwhelming. To reduce any stress, you need to find ways to reduce what you’re spending on taxes.  Start a Retirement Plan  Having a retirement plan in place...

​​How to Prevent Lawsuits From Ruining Your Company

No one wants to deal with the hassle and expense of a lawsuit. Unfortunately, lawsuits can happen to any business, no matter how big or small. The best way to protect your company is to take preventative measures to make sure that you are doing everything possible to...

10 Strategies an Ecommerce Business Needs to Follow to Increase their Customer Base

Online retailers need to drive traffic to their websites to boost sales. It is important to choose the right marketing strategies to drive traffic since not every strategy will work for every business. This article provides an overview of efficient marketing...

Why Digital Menu Boards Are A Game Changer For Restaurants

There are numerous benefits of using digital menu boards in restaurants. The best drive-thru menu boards can be controlled remotely to make updating fast and easy. Convenience is the main focus of drive-thrus. Customers don't need to leave their automobiles to place...

How to Avoid Manufacturing Woes at Your Business

If your business relies on manufactured goods, then you know that there are a lot of potential problems that can occur during the production process. From defective products to missed deadlines, manufacturing woes can cause big headaches for your business.  Here are...

5 Strategies to Build Team Spirit in Your Business

The manner in which we connect and communicate with our staff members can have a considerable influence on their levels of motivation as well as their output. In this article, we explore a variety of psychological and motivational approaches that can inspire teams and...

What Your Business Needs to Make Remote Work Function Well

In the post-pandemic world, the necessity of remote work has become clear to more and more companies. It carries with it unique advantages as well as unique challenges for both employer and employee. Here’s what you need for it to work smoothly. Regular Communication...

How to Attract Executives to Your Company

If you’re trying to quickly expand your company, one of the most difficult steps will be finding experienced and talented executives. You’re going to need to work fast if you want to find the right people. Here are some of your primary tools for attracting the best...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

What to Do When Your Vehicle Lease Comes to an End

What to Do When Your Vehicle Lease Comes to an End

As your vehicle lease reaches the end of its term, you are presented with three options: return the car to the dealership, sell the lease or buy it outright. Each choice obviously has benefits and drawbacks that must be weighed before making a decision. In this...

The Power of Women-Owned Small Businesses

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson is the owner and digital creator at Midnight Rebel Digital Co. With over 25 years experience in design and development and more than 15 years experience with WordPress, Annie is a great person to have in your corner when it comes to websites, tech, and systems.

How Startups Can Ensure Health and Safety at the Workplace

How Startups Can Ensure Health and Safety at the Workplace

Everyone, including the owners, management, and staff, is responsible for ensuring workplace safety. All parties must take the proper steps so that no one is harmed while working. If you are looking for ways to keep your workplace safe, here are ten tips to help you out.