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Buying or leasing commercial property

On Behalf of | Jun 22, 2020 | Real Estate |

As their company grows, business owners in Mississippi might be looking for a new commercial location for their business. The challenge comes in when they have to decide whether to lease or purchase the property.

There are several factors that they ought to consider; the main one is the amount of money. Other factors that influence their choice of whether to buy or lease the commercial property are the goals, size, and type of the business. Whichever choice people make, there will be advantages and disadvantages.

For instance, if the individual opts to purchase commercial real estate, they will have full control as the landlord. They also might be able to supplement their income by renting out any additional space. Also, the individual can save cash on taxes. On the other hand, this will be a substantial monetary commitment, which will also mean extra responsibilities, such as taking care of repairs and maintenance.

If they choose to lease a commercial property, they will have an easy time managing their business. Also, they can look for coveted locations for their business, which they could not otherwise afford to purchase. However, rent can be costly compared to monthly mortgage installments, and in an instance where the individual chooses to rent a commercial property, security deposits may apply.

In commercial real estate commercial real estate, when the proprietor purchases the property, an experienced real estate law attorney may be able to handle the review and order of the title deed abstract. The lawyer may also play the role of ensuring that the property and all required enhancements are in good condition. The attorney also might prepare the title commitment.