Buying commercial property to house your business can be a great investment in your company’s operations and personal financial future. Many who’ve used SBA 504 loans to purchase buildings have unlocked substantial monthly savings that can be channeled to other growth opportunities within the business. Also, being your own landlord means you control your business’s occupancy costs and you’re building equity, which comes in especially handy when eyeing future business growth needs or your personal planning for retirement.
The benefits of buying a commercial building are unquestionable. The real question at hand is: Should I buy versus lease a commercial property? This purchase will likely be one of the biggest investments you’ll ever make in your life, akin to “buying a home, on steroids,” said Mike Owen, chief credit officer of CDC Small Business Finance, the No. 1 SBA 504 lender in the nation.
Before embarking on a commercial property search, make sure you’re asking yourself these 10 crucial questions first:
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