It is always a great feeling to be able to call something yours – no matter if it is the smallest purchase or a more significant investment such as property. Buying a commercial property for your business is often the dream of many, that can take years of hard work to achieve.
When you are thinking about moving your business from renting a commercial property to owning one, you likely need to spend a lot of time researching which option is a better outcome for you, should you be renting or buying?
To rent or to buy?
Every year the answer to this may change. It depends on the market and your financial situation; however, no one can make the decision except for you. Though we do recommend getting advice from the experts at Axis Property.
Commercial ownership is a big step, no matter if you are investing in the property itself or investing for the sake of your business. However, many businesses are looking to secure their future as much as possible and owning is a certain way to do this. Here is why currently owning commercial property can be a better option than renting.
High Costs Associated With Commercial Renting
When you are the tenant of a commercial property you would incur a lot of costs as part of renting, compared to if you purchased. Tenants of commercial property pay not only the rent but also any outgoings associated, including council rates, water rates, insurance or owner’s corporation premiums for the property, as part of your occupancy.
This can add significant costs to a business and will eventually begin to equal costs that outweigh the benefits of your occupancy.
Security and Assets
Commercial ownership is a big milestone for any business. Many businesses are looking to own their own commercial spaces as it allows them to have a tangible asset against their business and provide them with the security of having the commercial property for their business to operate within. In this market it is currently more popular for a business to choose to purchase a property rather than rent.
Interest Rates
During this interesting time within our economy and the property market, interest rates are at an all-time low. Due to this interest in purchase of commercial property from businesses is at an all-time high. At the moment many have the ability to buy a property to house their business, and the mortgage repayments will actually be less than what they would be paying in rent to occupy another space. This ultimately creates the perfect environment for business to purchase commercial property and move away from the rent cycle forever.
No matter what your preference is, there are pros and cons to each option. If you are still confused about whether you want to rent or buy commercial property, you can get help from the experts in this industry – Axis Property. They will not just give you the right advice, but also negotiate on your behalf if purchasing and offer customer service throughout your lifetime of property needs.
Even if you plan to buy, or lease commercial property in Victoria, Axis Property is the best choice for you.