Article provided by: Dunpar home
‘Should I buy or rent a business office space in Etobicoke?’. As long as you run your business from a physical location, you’re likely to find yourself asking this question sooner or later. The best answer would depend on the choice of property and some other factors that are specific to your business. In most cases, however, buying your own office space is usually smart, especially if you’re considering the long term.
Importantly, it’s vital to ensure you’re not swayed by the different advertisements of office space for rent in Etobicoke. If this is to happen, you need to have the right information to make an informed decision. Below are some reasons why you may be better served by buying an office space in Etobicoke.
What are the advantages of buying an office space in Etobicoke?
Real estate almost always appreciates over time. If you opt for an office space for rent in Etobicoke, you’ll be missing out on the value that would accrue on your property as equity build-up. Even if you have no plans to sell the property, you can always use the commercial space as collateral when applying for a loan.
The Internal Revenue Service allows businesses to recover the cost incurred on buying property as building depreciation. This comes in the form of an annual income tax deduction that builds up over time. Naturally, you cannot reasonably expect to recover all your money within a short period. That’s why the IRS gives room to claim depreciation on commercial buildings for up to 39 years.
Freedom to remodel
When you choose an office space for rent in Etobicoke, you’re bound to follow the rules laid down by your landlord. On the other hand, you become the landlord when you buy your business office space in Etobicoke. That way, you’ll be able to remodel, decorate or upgrade the space to suit your business image and needs.
Extra source of income
If you have extra space in your building, you can always lease it to another business for a decent amount. Many companies have enjoyed increased cash flow and the opportunity to diversify their sources of income. Often, you may not even have this in mind when you decide to buy and not lease office space in Etobicoke. However, economic situations may warrant making business adjustments to stay afloat. Making room for other businesses in such circumstances may be the only hack your business needs to ride the tough period.
Contact Dunpar homes for the best business office space in Etobicoke
Are you looking for office space for rent in Etobicoke? Or you’re planning to buy your own space outright? Why not get in touch with the finest Etobicoke real estate merchants today? We specialize in helping businesses, and individuals get the best deals on commercial and residential buildings in the West Toronto area. Contact Dunpar homes on 1 (416) 236-9800 or visit https://www.dunparhomes.com/page/contact/.