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Own you own medical office Ownership has its benefits. Owning a medical office condo is a lot like opening an automatic retirement account. In 10 years, rent savings and equity can easily become a retirement account worth $610,000. Is this of your interest? The control that owning the practice gives you is a very important issue. Renting can be disruptive to your practice. The property could be sold. Then rents can be raised to new levels when lease is up or you may be thrown out and in this case you lose the improvements you have put and your location. Stability is an important component when you are building your practice. If you own the building where your practice is you know you have a steady tenant: Yourself. In addition, your equity may appreciate sharply, something you do not have when you are renting. Property owners have built fortunes in South Florida, while tenants have made nothing but helping owners increase their wealthy. Not to mention other benefits such us several tax benefits that can impact your tax bill. Bottom-line: Usually in 15 years, the buildings are paid for. The doctors can continue to receive passive income from the rent they pay (themselves) while they are still in practice, or, after they retire, they can sell the building or rent to someone else. Make sense? When comparing a rental of $25 per Ft (modified gross) with a purchase of $230 per FT with 20% down, the results are very straightforward. Suppose a 2,500 SqFt office: If you purchased, in 10 years you own $610.000. If you rented you own ZERO. Which one is better option for you? Own or Rent? |
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