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Finding a suitable property to buy or rent
Deciding whether to buy or rent largely depends on how much available capital you have spare.
Buying a business property
This may give you greater freedom and flexibility and provide an investment income should you wish to rent out at a later
date It could also give the opportunity to make a profit if you outgrow the property and choose to sell it. However it does
involve greater risk, can restrict finances that could be better used in setting up and can involve greater commitment and
remember property prices can go down as well as up.
Renting a business property
This may be the solution if you want less financial commitment and some landlords may take lead responsibility for the
repair and maintenance leaving you to concentrate on key operational tasks. Commercial leases can be complicated though and
you need to ensure you are aware of your responsibilities. If you need to adapt the building you may need to return it to
its previous condition when the lease ends. Short term leases may be a good option if the future is uncertain but the disadvantage
of renting is that you are tied to a fixed term and possible rent rises could affect your running costs.
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