As long as there has been real estate, the age-old question of whether to buy or rent has been asked. When it comes to private offices especially medical office space, doctors often debate between a purchase or leasing option.

These days this decision has been made easy by healthcare boutiques. Simply put, a healthcare boutique is a beautiful, furnished medical office space for rent. When it comes to getting a space, the typical options are condominiums or buildings with multiple offices owned by several other medical or other professional tenants. Choosing between the two comes down to a few important factors.

Here are a few things to consider if you are a medical or health practitioner, who is interested in renting medical office space:

Payment-Unlike purchasing a place, for rental office space, the down payment or deposit is significantly lower. The reason for this is that buying a place for medical office use will include everything from inspections to renovation costs, not to mention a down payment that is usually up to 25% of the purchase price. All of which you wouldn’t have as a renter.

Expansion-As a new practitioner you may only be able to afford to buy a small space which will suit your needs as you build your clientele. Later on down the road, however, as your practice grows you will need to expand. Renting a medical office space will allow you to grow your space as your patient list increases.

Costly Considerations-As a rental tenant you will have to take into consideration that your rent can be increased unless you have a fixed rent clause in your contract. As a buyer, however, your projected costs will stay the same, same mortgage payment especially with a fixed rate on any loans you take.

Worthy Investments-Renting medical office space will allow you to move out and up easily unlike buying a space, however, commercial property can be a phenomenal investment. That being said real estate comes with its own risk as an area can suddenly have a significant price drop which could mean losing a significant amount of money.

With all of the above, it is so important to speak with experts especially your certified public accountant. They will be able to give you a clearer picture based on your specific financials so you can avoid some common mistakes that many medical practitioners make when entering into private practice.

Unlike renting or leasing a condo for personal use, renting commercial office space can come with some different and often cumbersome extras. It is, therefore advisable to review any contracts and lease terms with a trusted real estate attorney. Prior to the meeting, it is helpful to keep in mind the following questions when reviewing your contract.

Find out if there is a personal guarantee required.  Landlords will often push these on unsuspecting tenants, citing improvements and other reasons that rented medical office space comes with a higher risk.  Consulting with a professional will ensure you don’t get stuck with these costly contractual clauses

Knowing the market will help you rent your ideal office space at a competitive rate, although many agents will want you to view top price offices. Don’t be fooled. Do your research and know your location. Your dream rented medical office doesn’t have to cost an arm and a leg. In fact today, there are rental options that are based on your daily usage.  For example,  if you are planning to open a mental health office your sessions may only be half a day. In that case, you could rent beautiful boutique offices for a half-time rate lowering your overhead and keeping your clients coming.

Rented medical office spaces are the new wave in the co-working trend, with shared offices in beautiful boutique locales. With research and patience, you can find the perfect place for your practice today!

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