Factors to consider when leasing or buying a property

Leasing or buying can be a decision that concerns both individuals and businesses alike. Here are some factors to consider when leasing or buying property.

You want control of the property – If you intend to make substantial renovations to the property or you wish to change the opening and closing times of your business, you may not be able to do so on a lease as landlords will need to grant permission for these changes.

You can consider the long-term cost – Regarding cash flow, a lease is a better option as it will let you pay a monthly charge and still let you hold on to your capital. But in the long-run, you will be paying more than buying a property straight

Location – Location is crucial for some businesses, and if you are on a lease or rent you will be at the mercy of the landlord as you will have to give back the property if they require

You haven’t found a suitable property to lease – If all the properties you want are only on sale, then you should consider buying.

You are in an area of appreciating land values – If the area you are looking at has appreciating land values, it is best to own the property than lease or rent. Mainly because, a landlord will continue to increase the rent or lease, increasing the cost of the property.