Purchasing a medical practice premises is a big investment into your financial future.
Getting it right from the beginning can be crucial for limiting your risk and reducing your future tax implications. There are numerous considerations when looking to purchase and fit-out your premises and it’s important you have the perfect team of financial professionals to guide you.
Do you have the right team in place? Don't build your business on the wrong foundations.
The big question – who do you need?
In addition to a good project manager and a builder who specialises in medical fit-outs, the following professionals will provide you with a great head start to ensure your practice's success from the very start.
Accountant
Your accountant should be your first point of contact. They will have the best understanding of your financial position and will be able to help you understand what is possible for your unique circumstances. A good accountant can provide advice on appropriate business structuring and can analyse the taxation and cashflow impacts when transitioning to premises ownership
The entity you establish to purchase your premises is important and can sometimes be overlooked by medical professionals. This is why seeking advice from your accountant is critical, and why an accountant with specialisation in the medical industry is a great advantage.
Having an expert on your side to help you understand the complexities of your business structure, service agreements and contracts, how income is received, asset protection and tax minimisation strategies, and the potential liabilities you need to service will save you time and money in the future.
While there is no one-size-fits-all solution when it comes to purchasing your practice premises, there are many factors to consider. Medical professionals understand the importance of consulting the right specialist, so make sure you do the same when it comes to your advisor.
Finance Broker
Another major player on your team will be your finance broker.
There can be a lot of stress and uncertainty when it comes to purchasing a premises. Your broker will ideally work quickly for you to assess your situation and provide assurance that the required funding is feasible.
Cutcher & Neale Residential and Commercial Finance has medical-specific funding expertise and a keen understanding of the medical profession and industry. Well-established relationships with partner banking institutions guarantee that you will be advocated for by a team dedicated to you.
Our understanding of the career and income progression of a medical practitioner is of enormous value when it comes time to seek premises funding.
Depending on the business entity that is borrowing the funding, there are banks and funders that will provide very favourable terms for medical professionals, including the ability to borrow up to 100% of the purchase price.
You don’t need to go it alone when it comes to finding the best funding options for you.
Buyer’s Agent
Competition for buildings with commercial or mixed-use potential can be fierce. The introduction of a buyer’s agent into your team can not only add skill and knowledge, but also a hefty amount of time saved as well.
A good buyer’s agent usually has a strong network that provides them with off-market opportunities that wouldn’t be available to you otherwise. They also have the expertise to identify properties for sale in your target area that meet your requirements and may not be obvious on first consideration.
We often find our clients are grateful for the introduction of a good buyer’s agent, and our finance experts will be able to put you in touch with the right one for your needs.
Like every significant endeavour you embark on, buying a medical practice premises needs attention and expertise. The right team can bring all these elements together for you with perfect synergy and save you time, energy and money.
Make sure you have the right support before you embark on your purchasing journey!
Are you ready to purchase your practice premises? Get in touch with our finance experts today!
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Dean is the head of the Residential & Commercial Finance division at Cutcher & Neale. With over a decade of experience previously working within the private banking industry, he enables the firm to provide independent, dedicated and personal finance solutions to clients.
Dean specialises in finance solutions such as home loans, investment loans, refinance, commercial loans and bespoke lending for certain professions.
