Goodyear Business Center Frequently Asked Questions
Why buy instead of lease?
With ownership comes the freedom of custom interior design, pride of ownership, tax advantages, real estate appreciation, a built in retirement plan and with today’s interest rates, monthly payments that are often less than leasing. Today’s business owners are not only interested in making smart financial choices but also in the ability to secure their future.
Who are the common buyers?
The typical buyer of an office/warehouse/showroom condominium unit is either a small to mid-sized service/sales company or a medical/dental professional that has been in business for at least two years. Most had been leasing their business space prior to purchasing.
How far in advance do I need to start looking for a new office?
Searching for the perfect location can be a lengthy process. Consulting with a real estate agent specializing in business condominiums will ensure that you are aware of all your options. Many developers pre-sell their projects and prime locations are usually sold before the project begins. Although it is possible to locate a suitable space, obtain financing and close in sixty (60) days, ideally you should allow six (6) to twelve (12) months.
How do I get financing?
Financing may be obtained by contacting a mortgage broker or a lender directly as soon as you are interested in purchasing. It is always best to work with lenders who are familiar with funding business condominiums since a wide variety of financing programs are available. It is also advantageous to allow a mortgage broker to shop on your behalf to obtain the best suited programs for your needs as well as the best available rates. A letter of approval takes approximately three (3) business days to receive after applying. The entire funding process typically takes thirty to sixty (30–60) days, depending on the lender. The Goodyear Business Center developer can supply you with a list of reputable and reliable lenders experienced in office condo lending.
What are the tax advantages?
There are many tax benefits. For the best guidance, consult with your tax accountant.
How long does it take to complete Tenant Improvements (TIs)?
Typically TIs take 45 to 60 days to complete once you have closed on your property.
What are the common costs associated with ownership?
Aside from the purchase price, common costs involved in purchasing a business condominium may include the demising wall, HVAC, signage, pro-rate share of the utility room, Condominium Association fees and closing costs.
How is the value of the building determined?
Building value is based upon comparable sales in the area and what the market dictates. Factors include quality of construction, location and availability.
How do I know if purchasing is the right choice for my business?
The Goodyear Business Center has a representative available to discuss the purchasing option in detail. We can provide you with a lease v. purchase analysis and offer business space ownership solutions at no additional cost to you.
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