Investment property values in Melbourne, FL are appreciating in value which is encouraging many business owners to explore if now is the time to buy their commercial property space. This isn’t a decision that’s made lightly. There are several crucial considerations to weigh before you invest in a property. Your local real estate broker will help you weigh the factors on whether you should buy or lease your commercial property space.
Ask Yourself these Questions When you Consider Buying vs. Leasing
Am I ready to be a landlord?
Depending on the location of your business you may need to consider purchasing a building currently occupied by several tenants. Being your own landlord builds your equity. You have the additional benefit of not having to pay the entire mortgage yourself.
Property ownership also gives you more control over your building’s security and maintenance, as well as a fixed mortgage each year, rather than raising rents and contract renegotiations for your company.
Am I in the best location for my business?
Location is key for many businesses maintaining or growing their client base. Numerous moves, due to unrenewed leases or raised rents can be costly; especially for a business that uses heavy machinery or fixtures that are difficult to move. If you are ready to settle into a permanent location, in Melbourne FL, buying commercial property space may be best.
Do I have the business capital to purchase commercial property?
Being an established business is a compelling factor in buying commercial property. Investing capital in a new or growing business, rather than the property, may be more profitable. Conversely, an established business has more capital to sustain additional expenses that are associated with commercial property ownership.
Can I sustain the liability of commercial property ownership?
Change is inevitable in business. Property ownership has some risk. Sometimes neighborhoods depreciate, businesses decline or taxes increase. Will your availability to manage the property lessen as your business grows? If so, you may need to hire a property manager. It is imperative sure you are prepared for liabilities of proper commercial property ownership.
Are you ready to explore commercial property ownership?
The Ullian Realty team has over 50 years of combined experience helping business owners purchase commercial property on Florida’s Space Coast. Using the Ullian Process our brokers will help you decide whether now is the best time to buy or lease a commercial property space in Melbourne, FL. Contact us today to learn more.