Own the business? Own the building.
Other than labor, occupancy costs are a business owner’s largest expense. Owning your own building is the best way to stabilize those costs and put you in control. In many communities, lease rates have increased 30 percent, 50 percent or even 75 percent over the past five years.
Owning your building means no more rising rent. Stop worrying about your landlord selling and being forced to relocate.
In addition to locking in your occupancy costs long term, owning your building will give you tax benefits, appreciation and a retirement option.
In fact, many of our borrowers have told us that owning their own building was the best retirement they never planned. The appreciation on the building when it is sold can make a nice nest egg.
Some owners choose to take title to the building in their own names, then lease it back to their business. When they retire and sell the business, they still have lease income coming in. Either way, it’s a great way to build equity for the future or to leave a legacy.