WHY YOU SHOULD BUY YOUR MEDICAL OFFICE CONDOMINIUM?
There are benefits to owning your office space:
Cost Control: This is probably the most common sense reason for owning your office space. Leasing to yourself or to a cor-poration that you own puts you in control and can be an edge down the road to skyrocketing increases due to market condi-tions outside your control, if you were leasing.
Expansion: Owning may make it easier to carve up or add on to existing office space to meet the growing needs of your practice. If you lease, you need permission from the landlord for substantial changes and may find the cost of additional space prohibitive, if available at all.
Location: It may be that there is no rentable space available in the most desired location, in which case buying is the only way to situate your practice where the patients are.
Tax Advantages: The current tax laws significantly curtail the ability to shelter taxable income that was once enjoyed by real estate ownership. As to ownership of medical office condominiums there are still tax advantages to real estate ownership.