As a step towards growing their medical practice, many doctors consider Buying a Medical Office and are unsure if it is a better option than leasing.

Before that step, you should consider in detail the best location, and once you know where, the next step is whether to rent or buy a property for your medical practice.

For many doctors, when first starting out, they simply cannot afford to purchase or build an office. But if you feel like it is perhaps time to take the plunge, and you can afford the cost, then there are pros and cons of Buying a Medical Office as a Doctor.

Advantages of Buying A Medical Office

– The biggest advantage is that owning builds equity. The building itself can be a good investment aside from the business you have inside it.

– You have more control over expansion, should you choose to continue to grow the office and add more physicians in the future. 

– You have more you have more control over space utilization and aesthetic choices. Owning the facility can make the practice more marketable in the future, by having stability and control over the space.

– It can help fund retirement plans either through selling the building, or by holding on to the building and renting it to the new tenants.

Disadvantages of Buying A Medical Office

– Owning a building will require a down payment and you pay for the financing, and the monthly mortgage may prove to be higher initially than the rental payments would be.

– If the building is a single-use facility, it may prove harder to sell if and when you choose to.

– The increased value of the property may make it difficult to sell if your intention was to hold only for a shorter period of time.

– If you are looking to purchase and build or rebuild, local zoning regulations may limit where you can build and what type of services you can offer in a specific location.