Deciding whether to purchase or lease medical office space is a big decision. To help you, below are a few of the advantages offered by both purchasing or leasing medical office space.
- A lease requires less capital investment than buying. This can be a big advantage to new practices trying to get established.
- The terms of a lease can offer flexibility that buying cannot. For example if you are unsure about an area, a lease can allow you to try out your practice at that location before investing in buying medical office space.
- If you lease medical office space, it can help get you get a more attractive office or location. If you think a great location is out of your price range, a lease might make you reconsider this assumption.
- You can lock in your rate. After all the whole point of a lease is to agree to pay a set fee to use a space for the duration of the lease terms. So if you find a hot up and coming location, you can get a good rate before rents rise any further.
- You have more long term control over office space costs. If you buy in a down market or before an area becomes popular, you can find yourself with an office space that is worth more than you paid.
- There are tax incentives for buying. Although they are not as good as they used to be, they can still be significant enough to matter when it comes to the costs at your practice.
- There are situations where you might want an office space in a specific location but there are no spaces available for rent. In this case purchase might be the only option other than finding a different location.
- If your practice grows, it can be easier to make renovations or changes if you own your space. If you lease a space than any changes that are made must be approved by the owner. Also when you own your space you are more likely to make those same renovations because you are investing in something that is truly yours instead of someone else’s property.
Whether you want to buy lease medical office space, OfficeFinder has helped many medical practices find the office space that is ideal for them, Contact us and let us get started finding the perfect office for you.
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