What is more suitable- Buying or Leasing Medical Office?

1. What is more suitable- Buying or Leasing Medical Office? Private practice physicians who want to open their medical centers often face the dilemma of whether they should own or lease ​medical office space. Your decision to buy or rent an ​executive suite ​or a ​medical office space depends entirely on your business objectives. This is because your decision will positively impact your practice finances and your relationship with the associates. No doubt buying a building for the medical purpose will help you gain wealth, but space's purchase can be risky. While by leasing a ​medical office space, you can stay safe from all the unnecessary issues. Here are some factors that can guide you in a good way. • ​Expenses Monetary considerations are the primary factor to consider while deciding to open your practice. Leasing, no doubt, will be cheaper in the beginning for you. You will not require a vast sum of money for your first payment, security deposit, or other tenant improvement allowances. However, your monthly rent is variable, meaning the rent can increase or decrease after the lease has expired. In contrast, purchasing an office space will require a more significant initial investment. The purchase process is lengthy with business inspection, loan fees, an appraisal, and several other soft costs. However, purchasing a building will mean your monthly payments will be fixed, meaning you will better understand what you will pay after a year or two. • ​Tax advantages As the owner, you can make the space advantageous for you, i.e., you can deduct the depreciated real estate value along with the property taxes, loan, and office space related expenses. While in the case of a lease, most rent-related occupancy costs are deductible against the taxable income instead of deferred future periods. So, tax advantages are not a significant factor, but you need to consider before making your final decision. • ​Expansion and location Everyone wants to succeed in their respective fields. But what will you do if the business is growing and your office area is inadequate to keep up the growing needs? As the owner, you have the advantage of adding extra space to meet your practice's growing needs. However, you have to request your landlord to add additional space or make changes to his property on leased property. In the end, your decision to buy or lease a ​medical office must depend on your long-term plans. In case you are finding all the office areas at a location that is not your desired location, consider renting an ​executive​​suite​ to avoid purchasing such spaces. Ownership of medical space can be a significant investment, but it might not be an ideal choice for every physician. You need to do your research and get help from an experienced commercial broker, accountants, contractors, etc., for better information. Consider your objectives and see your budget before making the final decision.

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