Buying An Office Condominium
Leasing office space … that’s so 20th century. Seriously, the days of small- to medium-sized businesses renting an office is becoming a thing of the past. More and more, accountants, mortgage brokers, doctors and other service-based professionals are making the move to purchasing office condos, fully customizable spaces that offer businesses a multitude of benefits.
The most obvious positive to buying an office condo is you’re paying your own mortgage – not someone else’s. Overtime, the equity build-up in the property offers an investment opportunity leasing doesn’t provide.
With interest rates lingering in the low to moderate range, monthly mortgage payments are, in many cases, lower than lease costs. Depending on the type of financing you select, those mortgage payments can be locked for the life of the loan, helping business owners avoid the pitfalls of a rise in lease payments every time a rental contract is renegotiated.
Another benefit to office condo ownership is the spaces can be customized to suit the needs of a specific business type. Case in point, the design requirements for a pediatrician’s office will differ greatly from an attorney’s. That flexibility ensures a design that maximizes functionality and supports the culture of the business.
Office condos may even offer tax advantages for an LLC-based business that makes the purchase and leases the space back to itself.
For more information, please contact us.