At the Institute of Podiatric Excellent and Development (IPED) we know that podiatrists have lots of decisions to make about their practices. One of the biggest is where your practice will be located. Once you have a geographic area chosen, the next question is should you buy office space or rent? This will depend on a number of factors. Although renting space doesn’t build equity, there can be times when this is still an advantageous choice.
Below are 4 reasons why renting may be right for you:
You’ve just graduated.Chances are, unless you have a rich uncle somewhere, if you’ve recently finished school and are just starting your practice, you won’t have the ability to come up with the money for a down payment to buy an office. The decision, therefore, may be made for you! But it’s not all bad if that’s the case. Read on…
It’s a good way to test a new location.Whether you are a new practitioner or one that’s more experienced but moving to a new area, renting for a year at least can be a way of trying out a new geographic area. On a larger scale, you may or may not like living in the new town you’ve chosen, or your children may hate their school. On a more granular level, even if you like the town or city, you may discover the neighborhood you’ve chosen for your practice has some serious disadvantages like terrible parking or not being near public transportation.
You get just the right amount of space.If you’re renting you can pretty much pick the exact amount of space you need and can use at this point in your career. Adjusting that number up or down is definitely easier if you rent rather than own.
Good visibility.Rental properties, particularly medical offices, are generally in high visibility locations and often close to area hospitals. You may be better able to afford rental space than owning property in the same neighborhood.
Practice management and helping you meet your professional goals are just two ways that IPED helps podiatric professionals. If you’d like to learn more about membership benefits, contact our Executive Director, Ruth Ann Donahue by calling: 978-296-7634.