Should You Rent Or Purchase Your Practice Facility?

Congratulations — you have decided to open your own practice! Or, maybe you have not, but are ready to move to a different, more suitable facility. Once you have chosen the general geographic location, you will face a bigger decision: Should you rent or purchase? They both have their pros and cons.

It is entirely possible that the decision will be made for you. Many practices simply do not have the funds available to build or buy an office. After all, building means a land purchase along with the considerable costs of a construction project. Buying, meanwhile, usually helps avoid building expenses beyond remodeling. However, the purchase of an existing structure will still involve a substantial cash outlay.