Owning and running a practice is a major career aspiration for many medical clients we work with daily at Avant Financial Services.
Whether your aim is to start a medical practice from scratch, or you’re already running an established practice from a leased property, there are significant advantages you can gain by purchasing commercial real estate.
Reason 1 – Long-term security
Owning your own home brings permanence and security. That’s why it remains an aspirational goal for so many people. Owning a medical practice is no different.
It means you’re fully in control of your business and protected from having to move against your will, something that isn’t always a given when you’re renting.
Many commercial property leases, especially in Sydney, contain demolition clauses. These clauses mean that tenants can be moved out with just three to six months’ notice if a property is mooted for redevelopment.
This is a particularly big concern for doctors renting practices in shopping centres.
Reason 2 – Moving from a rental property can draw in your competition
Once you’ve leased and fitted out a rented space to suit the needs of your medical specialty, you run the risk of attracting your competition to your area if you need to move to expand your business.
For example, a space vacated by a radiologist is likely to be attractive to, and re-leased by, another radiologist. This means that growth can be a double-edged sword. A small move to expand within your suburb while you’re renting could create more competition, which brings us to the final advantage of buying commercial real estate.
Reason 3 – Easy expansion
Like any business, you want your medical practice to flourish, grow and expand. That’s a much easier proposition when you own your property and can renovate on your own terms.
How you might renovate and expand a property as your business grows can also be a key consideration in your initial purchasing decision, allowing you to set yourself up for the long-term.
Resource – Owning Your Future handbook
Making the move into practice ownership can give you the freedom to become an even better doctor. Working for yourself, rather than an employer, means you can set your own terms and determine what you want from your career. Avant Financial Services has produced a 32-page to take you through some of the key things you need to think about before you start, acquire or buy into a medical practice.
Access your complimentary Owning You Futre handbook here.
There are a host of factors the Avant finance team can help you to consider if you’re thinking about purchasing commercial property.
To explore them a little further, Part Two of our series here.
And of course, if you have any questions or want to chat to a member of our team, don’t hesitate to contact us directly or complete the form below: