When starting a business, one of the first decisions you must make is to lease space for your office, store, or restaurant, or purchase a property. Each comes with its share of benefits and disadvantages, but with a little planning, you can make an informed choice that helps your business succeed in the long run. Here are our tips when it comes to choosing to lease or buy your business property.
Leasing vs. Buying
Here are a few things to consider regarding leasing vs. buying your business space:
- Doesn’t require a down payment, excluding a deposit
- Certain upgrade and renovations, such as complying with code, will be paid for by your landlord.
- Generally are not responsible for building repairs and preventative maintenance.
- Option to transition to a larger space as your business grows.
- Usually must provide a down payment of 10% -- 25%.
- Eligible for tax ...