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Two self employed people here - husband is a CPA and wife (me) is a mortgage broker. We both have 1 person working with us so a total of 4.
Both busy offices with walk in traffic. Daily appointments are the norm.
We have been in the same location since 1992 (husband). I started renting office space from him in 2004.
Our lease is up on April 30, 2022 and we have yet to find out how much it is going up. We have inquired many times. Until 2009, our leases were renewable every 5 years; new landlord then - every 3 years.
We just came across an office condo for sale. Not many come for sale in this building but we are interested especially if our rent goes way up.
People are so used to coming to this location; that would be the major change, however, the other location is within a mile and a half.
As a mortgage broker, I know we are at the top of the market and I want to be careful but I look at all the rent we have paid over the years and we have nothing to show for it. We looked for an office condo back in 2004-2005 and then again in 2014 but nothing really at that time.
Two self employed people here - husband is a CPA and wife (me) is a mortgage broker. We both have 1 person working with us so a total of 4.
Both busy offices with walk in traffic. Daily appointments are the norm.
We have been in the same location since 1992 (husband). I started renting office space from him in 2004.
Our lease is up on April 30, 2022 and we have yet to find out how much it is going up. We have inquired many times. Until 2009, our leases were renewable every 5 years; new landlord then - every 3 years.
We just came across an office condo for sale. Not many come for sale in this building but we are interested especially if our rent goes way up.
People are so used to coming to this location; that would be the major change, however, the other location is within a mile and a half.
As a mortgage broker, I know we are at the top of the market and I want to be careful but I look at all the rent we have paid over the years and we have nothing to show for it. We looked for an office condo back in 2004-2005 and then again in 2014 but nothing really at that time.
How far are you from retirement?
Will you expect to own and use the condo for a period of time that makes ownership a good move?
Location: Danbury CT covering all of Fairfield County
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Due your dilegnece on the office condo. Are the fees reasonable? Are there any assements? Would the cost be less than what your are paying now every month?
Our rent currently is $4500 monthly and fear that going up to around $4900.00. We are supposed to get the renewal this weekend.
This property would be around $4700 with everything.
As far as retirement, this property could stay. Our son is excited about this property; thinks it is a new start. Our current office has windows in the front and some in the back. Most of the offices are in the middle (no windows). Our current office is like a townhome, front door walkway, front door, no steps,
This office condo has full windows and is about 300 SF larger than what we have now.
We see it tomorrow so we'll see. Our son will be with us.
The last sale in there was 2018; prior to that, mostly 2003 to 2005. People obviously stay.
Built in 1981.
The office condo is awesome, completely furnished, marble floors in the hallways and main area. So many windows. It's nice; reminds of my old office (rental) when I owned my credit firm. Very corporate feel.
As far as retirement, my husband says around 5 years which could change. One thing that bothers me with his firm (CPA) is that as he gets older, his clients are also aging. It's important to always get new and younger clients.
Our son feels this is a great location and would help business. However, with people WFH so much, who really cares?
Personally, I'm kind of excited but since I'm the one mostly paying for it, the reality of that will set in.
My goal for retirement was to pay off the primary home but doing this would delay that for 2 years.
I know 2 years is really not a big deal.
The office condo would stay in the family and our son (I'm sure) would end up running my business.
Just trying to find good rates as offers need to be in Monday by 10 AM. The last condo to go for sale in this complex was in 2018 so they do not turn over much.
We will also know this weekend about our current lease renewal. If that goes up $1000 monthly, it's a no brainer.
Not sure where you are, but have you ever considered SBA loan to buy your own small building. You could potentially buy a 4 unit and rent out two of the 4 units.
This is very popular in Texas for small businesses like yours...or doctor/dentist/architect.
Another idea that could cut your expenses I would think a lot....is maybe co-locate with a partner like a real estate company.
We rent space to mortgage broker and insurance broker and the rent for them is way way less than I think what they would pay at almost any other place, with one year terms (which lowers your risk) and they get the opportunity to be in front of people regularly that can bring them business.
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