It’s probable that most individuals will not have the requisite capital available to acquire a property and also renovate it. However, if you can afford it, there are definite advantages to buying or taking a mortgage on the property. The financial burden will be considerably heavier than just renting but it may also be easier to raise investment capital if you own the bricks and mortar. Over time, you may or may not see an increase in value of the real estate, but at least it will always be yours.
Renting is the direction that most people take. This involves you signing a lease with a landlord for a term that might be anywhere between 5 and 15 years, at an agreed rent based on a cost per square foot plus requisite property taxes, property maintenance and other municipal obligations. At all times you should be aware that you are renovating the premises at your sole risk. If the business should not succeed and you cannot pay rent, the landlord will be within their legal rights to prevent you from operating.