I am not talking about Your Personal Residence, Which Is An Expense but rather I’m talking to the large number of small, self employed, business owners. A large number of entrepreneurs rent space from landlords for years and never give it a second thought. I’ve even done income property consultations for these hard working people and I always encourage them to rent to themselves first.
Condominiums are not only residential, there are industrial, commercial, retail and even storage condominiums being built every day. These are virtually identical to spaces that can be leased. In fact, for those potential landlords who are not thrilled with the Residential Tenancies Act and the risks that residential tenants pose, they are a viable alternative. The laws governing commercial tenancies are definitely in the landlord’s favor. You might assume that these condos would be very pricey but you would be wrong.
Mixed Use Commercial Buildings
These small two or three story buildings can be found in every small town and along almost every street in major cities. The main floor is generally commercial space, the second and third floor are usually residential apartments. For those people who want to rent residential space and who have their own business, this might be the way to become your own landlord and rent to someone else at the same time.
Stand Alone Buildings
For those who have a business that needs a lot of space, there are of course stand alone buildings on the market. It’s even possible to rent out a portion of the space to another tenant if there is too much space.
Benefits Of Being Your Own Landlord
Obviously you’ll build equity. You’ll also feel free to spend more on the fittings for your space. Often overlooked is the stability buying your own space can provide. No one can tell you to move or decide that your rent should double after your lease renegotiation.
If it’s a good strategy for Google to become their own Landlord it’s a good strategy for you too.