At 2/20/14 03:14 PM, GoryBlizzard wrote:
If the property taxes in that area are high (I'm not sure what the average is for businesses in that area), then I'd agree that it would make more sense to rent some new place for as long as you want. I'm not sure about the other overhead costs, but I'm sure they're no joke either. I've been a renter my whole life, and there are clear ups and downs to it. Sometimes I feel like I lack control over certain things, like when I can't get plumbing issues fixed expeditiously or the fact that I can't over-decorate my apartment. So yeah, I'd say rent for now, but I wouldn't rule out purchasing space in the future if NG exhibits healthy and consistent signs of growth.
Property taxes are definitely a big motivation, not only is our area high, but we're paying taxes on a BIG building when we really don't need something nearly as big. Also paying to heat and cool it, maintain it, etc.
The real bummer is that even though the office was overkill, it always felt like a solid investment. How many times in history could you buy a good property, make a bunch of improvements, hold onto it for almost nine years and NOT sell it for at least what you paid for it? It's nuts but it was worth it for the memories... I think.