There indeed a host of other benefits that come with the ownership of an office condo for your medical practice but the financial side of these benefits are the ones that may just be the best of them all. The following is a breakdown of some of the financial benefits that come with the ownership of an office condo for a medical practice in a broken down format.
First of these, we look at the cost benefit of owning an office condo for your medical practice. By and large, the costs that come with the ownership of office condos are seen to be relatively lower as compared to the costs that come with the ownership of the standalone commercial buildings. Generally, what has been observed in various jurisdictions has been the case of the costs to be incurred to develop commercial real estate being a lot higher, in most cases two or three times the cost it would take to develop a residential property. By and large, you will actually come to realize that there is just so much going into the development costs for the commercial real estate and these indeed make the development of such properties a lot higher and as such a sure challenge to many. This is even more so where you may only be looking for some few footage of space.
Primarily, it may suffice to say that the very same benefits that apply when you look at the ownership of the traditional building do apply when you look at the option of going for the office condos for your medical practice. One of these is looking at the fact that with each and every payment that you will be making towards the condo, there will be a reduction in your principal while your net worth grows and as well your equity in the process.
Over and above this, you will as well be able to see the benefits of owning an office condo foryour medical practice in reductions to your taxable income which lessens your taxes as a result of the tax allowable expense of depreciation and other capital allowances.
By far and large, owning a commercial property can be such an excellent way for you to create an additional asset that will be driven by the mere fact that you own a practice. Going forward, you may even come to realize that the property may just end up of better worth than that there may be in your own practice. As a matter of fact, many of such owners of commercial real estate properties have actually chose to retain the ownership of their commercial real estate properties for years after their retirement just so as to ensure that they have such additional income streams to live on even quitting active practice.