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Business owners: is it better to lease or own office space?

Owning a Washington small business requires many important decisions, including where you should operate your company. Having space for your business operations is crucial, but you may be unsure whether you should rent your space or take steps to purchase it. This is an important decision, and there are many important factors to consider. 

Any major real estate purchase involves a certain amount of financial risk. Washington business owners looking for a commercial space to rent or own would be prudent to consider the long-term implications of either step they take before they move forward. Sometimes, the guidance of a legal professional is beneficial.

Which option is best for your business?

If you want space for your company, you will likely have to lease or buy it. When considering a lease, you may find it useful to think about the following factors:

  • A lease may be better if your company does not have enough credit history to qualify for a mortgage.
  • A lease could be less expensive than owning property, especially if the property owner is responsible for issues and repairs.
  • With a lease, you can have a temporary space that will allow you to learn more about the specific type of space your business needs.

Some business owners may believe that owning their property is best. If you are thinking about buying commercial space, you may consider the following factors:

  • Buying allows you full operational control over the facility, including any repairs or remodeling that you want to do.
  • Purchasing your space will allow you have security knowing you have a permanent facility.
  • Buying property could lead to beneficial tax savings.

The right choice for your company depends on your needs and your goals for your business. Before you make an important decision that will impact your business and company for years to come, you may find it useful to think about both the short-term benefits and long-term effects of your choice to either lease or own.

Shielding your business from complications

When it comes to important business-related real estate decisions, you would benefit from the guidance of an honest and experienced legal ally. From negotiating lease contracts to drafting purchase agreements, you do not have to face these matters alone.

A complete evaluation of your case and the needs of your business can help you better understand how your small business would benefit from either leasing or buying the space for your operational needs.

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