Is it better to lease or buy property for a small business?
I am looking to open up a lounge in the Rochester area, and I wanted to know should I lease or buy property?
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Tags: lease property, Rochester Area, Small Business
buy property | , 12 Mar 10
By Pasi F, March 15, 2010 @ 8:26 pm
* Leasing is always a good option to keep your costs down, however, the problem i have found with a lot of leases is, you are limited when it comes to making structural changes or refurbishments. If business goes bad and you have to cut your losses and get out, you lease may still have you tied in meaning you will still owe
* Having your own building also has its good and bad, the first is, it can be more costly followed by finding the right location. The best places are never for sale, however, what i do like about purchasing is, you have something of tangable value. So if business ever went bad, you still have a property with equity you could squeeze some money out of, rather than having wasted it paying someone elses mortgage and then owing them at the end, which is the case with a lease. Also, refurbs benefit you only and not the landlord who is cashing in.
If you have the money. buy it.