Is commercial real estate the right investment for you? If so, is it better to build or buy a property? This blog post will explore both options and what they can offer. Commercial properties are an excellent way to diversify your portfolio and earn a steady income. The decision of building vs buying a commercial property depends on your financial resources, timeline, and goals.
If you’re wanting to build a property for your own business, it can be a great way to personalize a space and make it exactly what you want. You will also have complete control over where everything goes, which could save time in the long run if there are contractors that need managing. However, you will have to invest a lot of money into the build before it is complete. This could mean that you are unable to pay rent for some time while your space is being built. Then at the end of construction, you will still need to do any work needed on the inside of the building – another outlay of cash by yourself or with contractors.
This can be offset if you use an architect or building company who charge in instalments instead of asking for a lump sum upfront as they may find ways to save costs during construction which can help keep down expenses overall.
On the other hand, buying a space that is already built can save you money and time, however, it does come with some risk as well. The location of your commercial property will be out of your control – if there are any changes to surrounding areas such as roadworks or new developments nearby this could affect how many customers visit your business each day.
In conclusion, both options have their pros and cons but we believe that either choice comes down to personal preference and what works best for your company’s (or investment portfolio’s) needs and goals in the long term. The good news is that you don’t need to contemplate the decision alone! Contact us today to speak to an expert in our team who can help you decide if building a commercial property is the right decision for you!