Owning vs. Leasing – What are the Benefits?
There are several benefits of owning versus leasing. Typically, the biggest advantage of leasing would be to avoid the hassles associated with construction, but buying at Pacific Station eliminates that problem by offering structural excellence built by one of the island’s premiere general contractors, Westmark Construction.
How Ownership Affects Costs
When you lease a commercial space, you only lock the rate for a limited amount of time, usually year-by-year. When the lease expires, it has to be renegotiated, and it is not unusual for the cost of the lease to increase with every renewal. By purchasing at a fixed rate, ownership gives you the security of knowing what your property is going to cost every year. Similarly, the money you pay into taxes, permits and other aspects of maintaining the property will often be tax deductible, resulting in getting more for your money in the long term.
Ownership and Property Freedom
When you lease property, any changes you make to your office space must be approved by the property owner, and you may actually have to pay them to make the changes. When you own your own office space, you have the freedom to modify it to suit your needs. This includes adding or changing the interior walls, plumbing, and electrical. You even have the option of leasing a portion of your own office space if the economic situation calls for it, an option that is expressly forbidden under most property lease contracts. Owning property in a prime location such as Pacific Station can become a financial boon over time.
Ownership Builds Equity
Most real estate appreciates over time. The gain in value, or equity, is like putting money in the bank, and even has the potential of financing future loans for your company, including loans for expansion or renovation of the property. Equity can also be used to establish a line of credit for your business. If you decide to sell your property in the future, the equity you have built into the property can be crucial in getting the best price for your real estate.
Here are some of the most obvious benefits of ownership;
- Predictable long term costs
- Tax Benefits
- Freedom of use
Pacific Station Means Community
Unlike typical commercial centers or industrial parks, Pacific Station is a community investment. It is strategically located to major commercial venues, but the primary advantage is that Pacific Station includes residential opportunities on location. Instead of commuting in to work everyday, you could live nearby in townhomes and condos that are actually part of the Pacific Station construction plans!
The proximity eliminates commuter and transportation concerns. You will have more time to spend with loved ones, which in turn improves your quality of life. Even when your company demands long days at the office, you will only be minutes away from home. Walk to work at Pacific Station in a matter of minutes.
If you are interested in learning more of what Pacific Station has to offer, visit www.pacificstation.com!