Owning and running a practice is a major career aspiration for many doctors.
Whether you’re running an established practice from a leased property or aiming to start a medical practice from scratch, there are significant advantages you can gain by purchasing commercial real estate.
Reason 1 – Long-term security
Owning a medical practice is no different than owning your own home – it brings permanence and security. 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 approved for redevelopment.
This is a particularly big concern for doctors renting practices in shopping centres.
Reason 2 – Easier expansion of premises
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 should also be a consideration in your initial purchasing decision, allowing you to set yourself up for the long-term.
Reason 3 – Moving from a rental property can draw in your competition
Once you’ve fitted out 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.
Purchasing the premises in the first place, or from the landlord, provides a better opportunity to grow without moving and avoids leaving an attractive property for a competitor.
Avant’s finance specialists can help you consider a host of factors when you’re considering purchasing commercial property.
To explore them a little further, see Part Two of our series.
And of course, if you have any questions or want to speak with a member of our team, don’t hesitate to contact us.
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