Tired of leasing your office space? Consider buying a business condo instead. Here’s how to know if it’s the right step for you.
Office space budget
The initial cash outlay for an office is considerably lower when you lease space. But if you want to build equity in the long term, then buying a condominium unit is a good plan, The Globe and Mail say. With 360 Central Park West condos, you have plenty to choose from.
Room to grow
Before you start checking out available condos in Upper West Side, consider the future of your business. If you need to expand, then buying office space may not be right for you. However, if you want to keep your company small, then buying office space fits in with your plans and goals for the future. Just make sure you buy a unit that’s well-sized to provide you with all the room you’ll need for your business.
Fixed monthly costs
When you buy a unit, your loan payments are fixed so you know how much you’ll need to spend for office space. That’s an advantage, as opposed to leasing out space. Rental prices are often subject to changes, depending on whether the rental market is up or down. If you want stable monthly payments, then start checking out condos for sale that may fit your needs.
Property values
The good thing about owning a condominium is that you can convert it to a residential unit if you want to move your business elsewhere in the future. With plenty of excellent
in fantastic locations, you can use it as your home base or rent it out. Consider the bonus that your property values will increase over time. That’s going to ensure the best price for the property in case you decide to sell it sometime down the road.
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