Should I buy a building?

Right now you should only consider buying a building if there’s a defendable business reason. – Something like operating a heavy inventory-based business that requires specific requirements (things like climate control, outdoor storage, truck bays, or power requirements). If there are no specific or clear business reasons, then you should avoiding buying space – even if it’s a good deal!

The transactional costs of selling a building can cloud your judgement. Sometimes people will buy a building and stay longer than they should because they become attached to the property.

Also, remember you likely don’t want to be a landlord. If you grow out of a space you purchased but don’t want to sell it, you still need to make money out of the property. Being a landlord takes time and money away from your business. The building is only going to return so much. Think about where you could use those dollars instead – maybe a new location or new piece of equipment.

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