Orlando’s economy has continued to improve over the last few years, with home sale price growth far outpacing that of the rest of the state. Unemployment rates are sinking, construction projects are up, and many a foreign investor has turned an interested eye to the Central Florida market. Many of these factors dictate that it could be the right time for qualified renters to consider purchasing their homes, instead. But how does that same consideration affect small business owners?

As with homeowners, many business owners are starting to take steps toward purchasing their own offices, deciding that the improving market and higher rent costs indicate the right time to buy. However, small, independent business owners in particular have to take into account a number of factors to determine whether or not they are ready to purchase. The most important of these decisions, according to experts, is the company’s ability to withstand the natural ebb and flow of business–just as with the real estate market, the growth and decline of the economy is cyclical and demands a business model with a solid attrition plan.

Additionally, company leaders need to thoroughly evaluate their plans for future expansion before entering the purchasing process. Since owning a business property means you are your own landlord, it also means you need a plan for how the building is used should you need to downgrade or grow larger. Take a look at the ratio between your capital costs and your net income–the lower the ratio, the higher your property’s quality, which is the main factor banks consider when determining financing.

If you’re unsure whether it’s the right time for your company to purchase an office or continue renting, get in touch with the Central Florida closing agents at Real Estate Closing Solutions of Florida. We can discuss your options and help you determine whether it’s the right time to buy. Call us today at (407) 615-8550 to learn more.