Thinking about buying?
Like many business owners in the Boston area, you're more likely to lease office space than to buy it. There are many advantages to leasing work space, but it isn't right for everyone. Given the current state of the commercial real estate market in Boston, in fact, it often makes more sense to buy property outright instead. If you're looking for space for your business, be sure to consider the benefits of buying versus leasing. A few particularly notable examples include:
• Make Rental Income - If you buy a large enough space, you could rent out a portion of it to help offset the costs of your mortgage payment and other expenses. This only makes sense if you're willing to act as a landlord as well. You can always hire a property management firm to assist you too.
• Build Equity - Boston's real estate market is on fire. By purchasing instead of leasing, you stand to build considerable amounts of equity. This will help to increase the value of your business and will give you a nice cushion.
• Save on Taxes - Having a mortgage for commercial property allows you to write off various expenses to save money on taxes. You can typically depreciate the cost of your property over the course of 39 years, so it's a gift that keeps on giving. You can also write off the cost of your interest payments.
• Enjoy Fixed Payments - Unlike with leasing, the cost of owning your property won't fluctuate. Rent often goes up yearly, but a fixed mortgage means having the same payment from month to month.
It's normal to be intimidated about buying commercial office space in Boston. Don't let it hold you back! Instead, let Boston City Properties help you find and purchase space that suits your budget and needs to a T.