By SHEILA MUTO
“Small-business owners are finding it easier to buy a place of their own.
Last year, with interest rates at 50-year lows and weary of throwing away $7,000 a month in rent, Robby Stanley began looking to buy a building to house his five-year-old company, Get High Tech Inc., which sells PDA parts and provides repair service. The smallest building he could find was 7,000 square feet — nearly double the amount he needed for the company’s nine employees and inventory and with a hefty $1.5 million price tag. Mr. Stanley says he could have made that deal work if he found a company to lease half the space, but ‘finding tenants is not an easy thing right now,’ especially in and around Silicon Valley, which has one of the highest vacancy rates in the nation. ‘I couldn’t afford to buy that building,’ he says.”
– This is good news for small business owners. The most important question to ask is, “Does it make financial sense for me to buy?”. Just because you can do it doesn’t mean you should do it. -ed.