If you own a business and want to move your headquarters, you should consider some important things before making an important choice. Maybe you heard about the possibility of taking advantage of the 1031 property exchange. DST company can be the best team of experts that can help you with this. This solution can be very good for you if you don’t like to pay so many taxes that are required. Moving your business into a different building can be very complicated because you have to take care of your goods and to make sure that everything arrives there because if you lose some important documents or equipment, your business can suffer many bad changes. This is not the only problem that you can have while moving in a different building. You should pay more attention to the fact that you can lose some money if you are not informed about the rules.
You have to remain in USA
It is very important to know that if you have an investment property that is not suitable for your needs, you have the possibility to make an exchange and look for another one that can be what you want. The most important rule is to find a location that is within the boundaries of the USA. However, the best thing that you can do is to study very well the offer before being too late. But you are dealing with making profit and you shouldn’t be afraid of making this step. If you think that a different location would help you with the profit, you don’t have to wait. In fact, you should remember that you should do that as soon as possible because time is very important for everybody.
Other important aspects that will influence your choice
A significant aspect that you can’t forget is that you have to choose an investment property because other types of properties are not allowed to be used because there are strict rules that prevent you for doing this. In conclusion, both ownerships need to correspond to the same type. If you have a business that deals with promotion for example, you can choose to move to a place that used to be a simple house for living. If you want to make sure that you have understood well these rules, you can ask some specialist to give you all the details you need.
Make sure that the property you choose is not cheaper than yours
If you talk with someone that has experienced this situation, you will find out that you can’t move into a new building that is priced lower than yours. It is required to make this exchange with someone who offers you a building that was assessed as having the same value as yours. If you don’t respect this condition, you will have to pay other big taxes. Another thing that you can do is to choose a more expansive property. This situation is completely safe but you have to pay the difference of money.