You’re ready to buy office space for your new medical practice – congratulations!
Purchasing space for your medical practice is one of the biggest business decisions you’ll be faced with, so it’s important to choose a space that’s right for you.
Most medical professionals who wish to own their own office space opt for either a commercial building or a commercial condo.
But which type of space will be perfect for your practice?
A commercial building offers the opportunity for expansion and renovations as your business grows.
You can buy space that is already equipped for use as a medical practice and compliant with your state’s requirements for operating a medical practice.
However, a commercial building space may be too large and too expensive for a small practice just starting out, and you may have to compete with other physicians if there isn’t an exclusivity clause in your purchase agreement.
A commercial condo is another good option for practices that want the benefits of ownership without the higher price tag.
Buying a commercial condo is generally cheaper than leasing, offers many tax benefits, and will help you accurately predict your operational costs in both the short and long-term.
But condos are limited in terms of the ability to expand and renovate. If your practice grows quickly, you won’t have the freedom to make physical renovations beyond the space you already own, since you’re likely to have neighbors surrounding you on all sides.
Whether you choose to purchase a commercial building or a commercial condo, owning your office space has many benefits.
In most cases, such a purchase will be a sound financial move for your medical practice.
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