If you are thinking about bringing your business to Southwest Florida, be sure to check out the many office condos available. Office condos are designed to meet the needs of small to mid-sized businesses that want a permanent location. Take advantage of owning versus leasing an office. Buying an office condo also eliminates the need to purchase land and construct a building. The work is already done and waiting for you.
What are some of the benefits of purchasing an office condo? You are purchasing a space in larger complex where the maintenance costs are shared. The condo association takes care of items such as mowing the lawn, removing garbage, and completing building upgrades. Another benefit is that the mortgage payment on an office condo is quite often cheaper than the monthly payment for a lease. You can also deduct it on your income taxes as an appreciable asset.
What are some of the disadvantages of purchasing an office condo? In addition to the monthly mortgage payment you will have to pay a condo association fee to cover the above mentioned maintenance costs. When you belong to a condo association you often have to pay additional special assessment fees to cover the cost for capital improvements.
Lastly, you may outgrow your space and would have to sell the property, maybe at a lesser price than you paid for it.
Be sure to thoroughly investigate your options and determine your long term needs before you invest in an office condo. If you think you may grow over the next several years, it is probably not a good idea. If you plan to keep your business the same size, it should be a good choice.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL firstname.lastname@example.org