This just came a couple of days ago. I have been doing photography for a long time (about 20 years) and know quite a lot about it. My wife started recently with my guidance (2-3 years) and loves it.
We just had an offer, somebody is selling its photo-studio and wondered if we would take over. He also mentioned that the bldg itself is for sale where the business is located. Its a two story house with the second story being a home. I was wondering if I decide to buy the shop, should I buy it together with the bldg or not. The place is in a good area, the price is 800,000 for the bldg. I could probably pull off a loan of some sorts and if I sell my current house would have some downpayment, too (we could live upstairs).
I would prefer this over just buying the business, as it would give me something tangible, it would solve any possible problems with landlords and rent. If the business would fail, I still have the bldg. The problem is the price is quite high for my current financial situation. If I were to keep my current job and let my wife run the business we could probably pay the loan if we she doesn`t take any salary. However it would also mean I need to be careful to keep my job (it is a steady job, been at the same place for about 10 years now).
What is your opinion on it?