Office condo space- a hit in real estate business
The latest fashion in the real estate market is buying or renting an office condo. Condo office space is available in plenty, and the trend is becoming very popular, but not yet popular in the metropolitans. Like everything else in business, there are advantages and disadvantages of moving your business into a condo. For some, the record tells that it has proven success to many, and for others, traditional commercial real estate has always brought profits. Office condo businesses are rapidly growing across the country; however, they have still not a fashion in the major metropolitan areas.
Advantages of Office Condo
• Buying or leasing an office condo gives freshness to the workplace with plenty of residential changes located in the suburban parts of town. The atmosphere is peaceful and often located in prime suburban neighborhoods with plenty of amenities in surrounding. Some condos have easy access to stores, restaurants and might even be near to a dry cleaner. If you are very fond of the rush the cities, then a condo may be right choice for you.
• Generally, the condo is a good choice for the rent purposes or purchase and provides you a good location to do business, especially in suburban area. Although not every project is suited for condo businesses, they may serve as a good location for dentists, lawyers and chiropractors.
• Ownership of the office property is a good investment and has shown good progress over time over purchasing some piece of commercial real estate. In addition to that, office condo owners have the advantage of IRS code 179 according to which $100k is deducted in cases of progressive depreciation through the first seven year period.
Disadvantages of Office Condo
• The office condo environment may not suit businesses that are uncertain of the space they require. Although many of the office condo units are very spacious, they do not go well with businesses that require space for heavy equipment. A firm that does not have a clear idea for their graph should better avoid a condo purchase or long-term lease.
• Businesses that depend on rich consumer clients may soon face loss of clients due to lack of parking space. The office condo parking is limited and can be a problem to building clients that have to take round of the whole block to park their car. However, if the condo establishment is in that area where clients can easily approach, then the parking issue is not that big.
• Although owning an office condo has proved beneficial for many, the concept has just come in fashion so it doesn’t provide a long-term record for attracting constant renters. As with any real estate deal, it’s good to know everything before signing on the contract paper. Be sure that you have taken into account all your circumstances and considered the fact that your office condo location is sufficient to manage your number of clients.
Be careful about the area when you are doing an investment
Commercial real estate for sale in Texas is an intelligent investment. It grows significantly every year, so the resale is a brilliant idea. If you have decided not to sell, you can give it on lease and keep getting constant income. Whether you decide a deal with a firm in person or over the internet, make sure that you have done enough research about the area first. When purchasing an office condo, look for location. This is the key to find the perfect commercial real estate investment.
Source articlecity.com
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