Should Your Lease or Buy Retail Space in Woburn, MA?

Woburn is a city situated in Middlesex County in Massachusetts. It is in a fantastic location, especially for business owners because of its proximity to the capital of the state. This city is less than miles from Boston, and other towns are located around it, including Reading, Wilmington, Stoneham, and Burlington.

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Retail Space

The area provides ease of traveling because of the Anderson Regional Transportation Center, which is a transit hub that gives services to different areas, including Portland, Maine, and the North Station of Boston.

In this city, the inventory of commercial properties for sale and lease is abundant. It is one of the reasons why you may want to choose this area since it will not be that much of a challenge to find units for your store. In Main Street, the prices are a little bit higher than other neighborhoods since they range from $2 to $2.15 per square foot per month.

On the other hand, you will also find some options in other places, particularly at High Street where the monthly payment is $1.13 per square foot. Other neighborhoods with affordable rates include Everberg Road, Forbes Road, and 6th Road. Meanwhile, if you are looking for a lavish structure, you will mostly find several choices at Cambridge Road. However, you should expect that the prices here are more expensive than most of the places in the city.

Buying vs. Leasing the Commercial Units in This Town

If you are trying to decide whether you should purchase or lease, you should know that the answer depends on your exact situation. Both have benefits, and they can have some advantages over the other option. For instance, when you choose to buy, you can enjoy the savings that you can earn. Since you already own the property, you can also do what you want with it. You can expand it without the need to ask for the permission of a landlord.

Additionally, you can also get plenty of savings through different tax deductions. You will also have a fixed income source that can help you pay your mortgage. Because the property is yours, you can allow some tenants to fill the vacant unit, if there are some extra rooms in your building. You can use their rent to double your cash flow.

Unfortunately, it can be troublesome to rent out your additional room, especially if you are new to this process. You can end up choosing the wrong tenant, and you will end up with more expenses instead. However, if you select wisely, you can benefit from the occupant, even if it took you a long time to locate the company.

If you believe that the city is where your business should belong, purchasing is the better option for you. On the other hand, if you want more flexibility with regard to the location, you can skip buying. Instead, you should lease a unit to make sure that this place is the right one for your business.

Another reason why you may want to lease rather than purchase is that you get to keep most of your cash. You do not have to spend most of it on the down payment alone. When you rent, you can keep and save some money, which you can also use for your business.

In most leases, the occupants are not responsible in case something breaks in the property. You do not have to perform repairs or any ways of maintaining the property even if they require fixing. For instance, if the air conditioning breaks, the only thing that you need to do is to talk to the property manager. Whether it is the interior or exterior of the place, you do not have to concern yourself, especially with the costs of fixing the issues.

Listing Your Space

When you are looking for a tenant for your property in Woburn, you should make sure that you list it online. This way, more people can quickly locate the area and find what they have been searching for. When you list, it is essential that you put yourself in the shoes of the buyers or renters.

As much as possible, be very detailed about the retail unit. You can provide some information about the area and even some reasons why the potential buyers should choose your property over the others. You can have the most affordable unit in this town, but if no one is aware of it, you will find it a huge challenge to have the space filled.

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Retail Space