A short YouTube Q&A where Donna Genie and business owner Renee Lindquist discuss considerations for purchasing a commercial building used for a small business. Key points: gather pricing from landlord or other listings, compare effective monthly cost to current rent, benefits of ownership (equity, improvements), and evaluate financing and interest rates before deciding.
My name is Renee Lindquist and I own the Ceramic and Pottery Center. What happens if you want to buy the building you're renting? Thanks, Renee, that's a great question. Buying a building is a big step in a business owner's life, but it can also be another great way to invest in your business and yourself. So the first step in buying a business building is to look at what the pricing is. First off, talk with your landlord. If you're looking to buy an existing structure or if you're looking to buy another building, you want to get some pricing information. We can help you analyze that price and let you know what the effective cost per month would be for you so you can compare it to the.
Rent you're currently paying or would pay it in another location.
We want to make sure that this is a good deal for you. It's in a lot of cases, another place where you don't have to spend.
Money on rent and never see that money again. Perhaps you'll be building a long term nest egg in that commercial building.
You may also have a little more flexibility in that if you make improvements to that building, they're yours to keep. If you make improvements to a landlord's building and you have to move for.
Any reason, those improvements are gone.
So let's take a look with you and help make sure that this is a good business decision. The biggest case is looking at the.
Financing, looking at what rates of interest you'll be able to get and what.
Leverage you have to make sure that this is a good deal for you.
