[Coworking] Want to start up...should I buy or lease a co-working space?

[Kia Moore]

Hi everyone,

I am thinking about starting a co-working space in New England (USA) and I
was wondering if it is better to buy a building or lease an existing
building. I am also looking to buy a house right now and was wondering if I
could roll a co-working space and house into the same property somehow, but
zoning and codes seem complicated. So I guess I am wondering - is it better
to get a business loan and buy a commercial space or is it better to find
an existing venue and rent? How have others managed to finance their
property? I would love your feedback as I try to get started!

Thanks so much,

Kia

[Caner Onoglu]

If you are not sure may be best way is renting with an option to buy?

Post by Kia Moore
Hi everyone,
I am thinking about starting a co-working space in New England (USA) and I
was wondering if it is better to buy a building or lease an existing
building. I am also looking to buy a house right now and was wondering if I
could roll a co-working space and house into the same property somehow, but
zoning and codes seem complicated. So I guess I am wondering - is it better
to get a business loan and buy a commercial space or is it better to find
an existing venue and rent? How have others managed to finance their
property? I would love your feedback as I try to get started!
Thanks so much,
Kia
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[Jerome Chang]

Hi Kia.

Owning or leasing a space won’t simplify your zoning code compliance.
Owning a building can be ideal, but operating a business you own in a building you own will complicate, or even prevent you from getting bank financing.

JEROME CHANG
talk to us: [phone]
chat w/ us: http://www.BLANKSPACES.com/chat

Santa Monica | Culver City | DTLA | Pasadena
OPENING SOON: Larchmont | Long Beach

Post by Kia Moore
Hi everyone,
I am thinking about starting a co-working space in New England (USA) and I was wondering if it is better to buy a building or lease an existing building. I am also looking to buy a house right now and was wondering if I could roll a co-working space and house into the same property somehow, but zoning and codes seem complicated. So I guess I am wondering - is it better to get a business loan and buy a commercial space or is it better to find an existing venue and rent? How have others managed to finance their property? I would love your feedback as I try to get started!
Thanks so much,
Kia
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[Jeannine van der Linden]

I opened my first coworking space in the former stable attached to my
house. The house is over 400 years old and was (we think) originally a
guest house for the 16th century cloister up the road.

(As an American can I just take a moment to boggle at this. Y'all from
eastern europe, I know a 16th century cloister is new construction for you,
bear with me here. )

Aaaanyway, the former stable was converted by a former owner to office
space and it is now coworking space. The advantages of a carriage house
coworking are legion, I have to say. Amoung other things, you have a very
reasonable landlord.

It was important in all this to present the space as what it is, it is a
home for small business and freelancers and so everything about it is
informal and cosy and homey. It was hard not to give in to the urge to
make everything all corporate, but I did and am glad. I find this is key
to all of the spaces I have worked with: the first thing I do is find out
a lot about the location itself, the people who live there, and its
history. Everything about it is informed by that. Even the types of
memberships are different depending on the surrounding community.

[discoveryourpurpose8 With Brinda Devine]

Hi Kia,

I am going through a similar situation now. Buying either first will drain your financial flexibility. There are pros and cons to both leasing and buying. Leasing has less upfront dollars but you don’t own the property. Buying has more up front costs but you will own the property and control your environment.

You may want to consider property in business areas and neiborhooods that have retail space on the lower level and apartment space on top. You will own the property and once paid off you can sell or rent out.

Just a suggestion.

Good luck!

[INSTASQUARES Office spaces]

Hi kia,
According to me its better to lease an existing venue and rent it out why
because the business operations are already going on in the existing venue,
so its not a complicated task to manage.

Regards,
Instasquares <https://www.instasquares.in>.

Post by Kia Moore
Hi everyone,
I am thinking about starting a co-working space in New England (USA) and I
was wondering if it is better to buy a building or lease an existing
building. I am also looking to buy a house right now and was wondering if I
could roll a co-working space and house into the same property somehow, but
zoning and codes seem complicated. So I guess I am wondering - is it better
to get a business loan and buy a commercial space or is it better to find
an existing venue and rent? How have others managed to finance their
property? I would love your feedback as I try to get started!
Thanks so much,
Kia

[Brian Burgett]

Hi Kia,

You are in the perfect position to do a "House Hack". You will need a
commercial loan.
You find a commercial property with space downstairs and three to four
apartments upstairs. You live in one and rent the others out to help pay
the mortgage. You may be able to cover the entire mortgage if the local
rents are strong. It is a great strategy if it can fit your current
lifestyle.
If you don't want tenants you could buy a large house that has been
converted to commercial (former law office, real estate office, insurance
office, etc...) I am not sure about New England, but in Ohio we have these
on Main Street in every town and city. Many of these already have living
quarters upstairs.



Best wishes,

*Brian Burgett*

513-609-4777

www.QueenCityCoworking.com <https://www.queencitycoworking.com/en>


On Thu, Nov 15, 2018 at 4:45 AM INSTASQUARES Office spaces <

Post by INSTASQUARES Office spaces
Hi kia,
According to me its better to lease an existing venue and rent it out why
because the business operations are already going on in the existing venue,
so its not a complicated task to manage.
Regards,
Instasquares <https://www.instasquares.in>.

Post by Kia Moore
Hi everyone,
I am thinking about starting a co-working space in New England (USA) and
I was wondering if it is better to buy a building or lease an existing
building. I am also looking to buy a house right now and was wondering if I
could roll a co-working space and house into the same property somehow, but
zoning and codes seem complicated. So I guess I am wondering - is it better
to get a business loan and buy a commercial space or is it better to find
an existing venue and rent? How have others managed to finance their
property? I would love your feedback as I try to get started!
Thanks so much,
Kia

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