Practice premises makes perfect: get your team right!
Purchasing a medical practice premises is a big investment into your financial future.
Getting it right from the beginning can be crucial in not only limiting your risk but also reducing your future tax implications. There are numerous considerations when looking to build and fit-out your premises and it is important you have the perfect team of professionals to guide you.
So, who do you need on your team?
In addition to needing a project manager or builder, the following professionals will provide you with a great head start:
Your accountant should be your first contact and will have the best understanding of your financial position and what could be possible. A good accountant will be able to provide advice on appropriate structuring as well as be able to analyse the taxation and cashflow impact of you being a property owner versus being a tenant.
Which entity you purchase your medical practice premises in is pivotal and can sometimes be overlooked by medical professionals when considering how to purchase, this is why seeking advice from your accountant is critical.
Understanding how you will be receiving income, and what potential liabilities you may be exposing yourself to needs to be understood when balancing the trade-off between asset protection and tax minimisation.
While there is no one-size-fits-all solution when it comes to purchasing your practice premises, there are many factors to consider.
Another major player on your team will be your finance broker.
Your broker ideally will work quickly and provide comfort that the required funding is feasible.
Brokers with medical specific funding expertise and well established relationships with banks are an important piece of the puzzle. These brokers will understand the career and income progression of a medical practitioner and in turn their borrowing capacity.
Your broker should know where to go and the best banking teams to work with.
Competition for land with commercial or mixed-use potential can be fierce. The introduction of a buyer’s agent into your team can not only bring skill and knowledge but a hefty time saving as well.
A good buyer’s agent will have a network that provides them with off-market opportunities as well as expertise to identify properties for sale in your target area that may potentially meet your requirements but may not be obvious on first consideration.
We often find our clients are grateful for the introduction of a good buyer’s agent.
Like every significant endeavour you embark on, buying a medical practice premises needs time, attention and expertise. The right team can bring all of these elements together for you with perfect synergy.
Need help with purchasing your practice premises? Get in touch with our team today.