Posted on: 21 October 2018
One of the most important things to consider when opening a retail shop is the building it will be housed in. After you have decided what features and amenities the building you'll move into should have, you have to figure out whether you want to rent or buy the property. Here are just a few good reasons to consider buying instead of renting:
Make Your Own Rules
Buying instead of renting a building for your retail shop will allow you to make your own rules instead of having to follow a landlord's set of rules that are designed to benefit them the most. You can paint the walls inside and out any color of your choosing, and even have a mural painted on the storefront if you want to.
You can decide whether or not to let customers shop on the sidewalk in front of the building. You can open and close as early and as late as you want. You can use the power and HVAC system as you see fit. And you can create your own parking rules for customers too.
Expand When You Want To
If business goes well and you find yourself ready to expand in the future so you can meet your customer's needs, you would have to look for a new place to move to if you were renting. But if you purchase your building, you can simply construct the extra space that you need and customize the look and feel of your retail shop without having to get any special permission.
You can build a second story, expand your warehouse, or create an entirely new retail shop to accompany the existing one if there is enough space on the property. None of these things would likely be possible if you were renting your building.
Get a Payout If You Move or Close
Another reason to consider buying a building for your retail shop is to ensure that you will get some kind of a payout if you ever want to move or close down shop at some point in the future. If you're lucky, you will sell the property for more than you paid for it and make a nice profit.
But even if the market is hurting and you lose some money, you can at least expect to receive some kind of compensation for selling the property. If you rent a building, you can't expect to get any kind of payout aside from maybe having your security deposit returned.
Schedule a consultation appointment with your local commercial real estate broker, such as from Pierson Commercial, LLC, to learn about the retail building options in your area and to start scheduling tours.Share