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Should You Lease or Purchase Your Office Space Many nurse practitioners have asked this question over the years "should I lease my space or purchase my space?" There is, of course, no one correct answer to this question as both have their advantages. The answer for each NP will vary depending on his/her goals and resources. Let's take a look at the advantages for each of these options.Initial Cost: With the purchase of a building, your initial cost will usually be significantly higher when you take into account the down payment and closing cost of purchasing. Keep in mind however, this may change depending on how you are able to purchase the property. Occasionally your initial cost will be much less.With a lease, you may be required to have a first and last month's payment plus security deposit- essentially three months worth of payments.Time to Occupancy: This can vary greatly depending on what needs to be done to have the space ready once it's in your name (lease or mortgage.)Remodeling: If you purchase the building, this is obviously your cost as the owner. If you are leasing, it may or may not be included. Tenant improvements are certainly an area you will want...more
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