Many business owners that operate a public-facing business will deal with the aspects of acquiring new or better commercial space. A new business owner may need to find an adequate commercial space to open his/her enterprise. An existing owner may need to find a bigger space or one that offers functional benefits, or a more advantageous location. Whatever the need, the central financial options are to lease or buy the property.
What to do Before Getting a Commercial Space
First, consider the importance of location for the business. Where are your current or potential customers located and how conveniently can they get to your space? Specific location factors to consider include the amount and convenience of nearby parking, access for supply vehicles, zoning requirements, nearby competition, and facility visibility.
Second, get expert assistance to help you in the entire process. Which may include some or all the following, a commercial real estate agent, commercial real estate attorney, contractor, and CPA.
Third, get professional financing assistance to help acquire the property.
Advantages of Buying Commercial Space
The advantages of buying commercial space include:
-You benefit from the potential value and equity appreciation in the property.
-Mortgage financing costs are currently low and historically stable.
-Benefit from rental income if part of the property can be used by another tenant.
-Deduct depreciation, interest, and some other property management expenses from your income taxes.
-Have control of the property.
Advantages of Leasing Commercial Space
The advantages of leasing commercial space include:
-Additional financial liquidity for the business because there is no down payment required.
-There is a fixed monthly cost for the lease. Typically, the landlord will pay for property maintenance, repairs, and upkeep.
-You can deduct lease payments, property taxes, and some other expenses from your taxes.
-Leasing qualifications are typically easier than qualifying for a commercial loan.
Seek Expert Financing Assistance
Contact Rushview Commercial Funding for a staggering variety of commercial finance options for all your business needs.