For an entrepreneur running a business, a time may come when you will have to make the decision whether to buy or lease commercial property or space.
It’s easy to plan for a car, vacation or education. But deciding which property type best suits your needs can present many challenges.
Here are some pros and cons for both buying and leasing a commercial property or space to help you make that choice.
1. The Pros of Buying
Extra Income: Ownership allows you to rent out unused space. The rental revenue can be reinvested in the business or help pay the mortgage.
Tax Advantages: The associated costs of owning and operating commercial property allows you to claim tax deductions. This includes interest on mortgage and property taxes.