Do you rent or own the building where your business is located? For some, the decision is made for them by availability or finances, but if you have the option to choose, there are some major differences.

Compared to when you are buying a home, the downpayment for a commercial property is much bigger, usually around 20%, so this could make a big dent in your funds on hand.

The location where there are available properties to purchase versus to rent might also have an influence. If you want to be where your customers can find you, the decision to buy or rent might already be made for you.

Buying a property does give you many more options to customize the space inside your business. Depending on your contract, a rental property might be limiting your options on what you can do with the space.

Sometimes, buying a property will also give you the opportunity to take tax write-offs which would give you an extra incentive to own your business location.