Becoming an owner-occupant during the construction of a new commercial building has several advantages:
- Being a homeowner means you don’t have to pay rent, which can mean significant savings in the long run.
- When you are an owner occupant, you can customize the space to your specific needs and preferences. This may include changes to the layout, addition of amenities, etc.
- When you’re an owner-occupier, you’re making a long-term investment in commercial real estate. In the event of subsequent resale, you can realize a capital gain on the value of the building.
- By being an owner occupier, you have better control over the costs of operating the building, as you can make renovations or improvements to save on energy, maintenance and repair costs.
- By being an owner occupant, you have the flexibility to change the use of the building as your business needs change.
- Homeowners can benefit from tax advantages such as tax deductions for mortgage interest and operating costs.
Ultimately, becoming an owner-occupier when constructing a new commercial building can provide long-term financial benefits, flexibility and control over operating costs. However, it is important to consider the upfront costs and responsibilities associated with real estate ownership before making a decision.
