So you’re ready to buy a property, what’s your next move? Owning your space can be an important step in your business growing to the next level. Careful planning is important when you are looking at such an important investment. Here are some questions that can help you decide how to approach your investment and major decision.
What’s Your Budget?
Know how much you are willing to spend on your new property. It is also very easy to look over expenses like taxes, insurance, landscaping, and others that are technically “extra” to your property cost, but still necessary to pay. These add up quick, and can cause you to go over budget easily if you don’t factor them in earlier.
How Much Room Do You Need?
Depending on how much you expect to grow, it might be worth it to take a hit to your budget earlier on to ensure you have enough space later. Buying the additional area earlier rather than later will be cheaper in the long run. You can also lease out additional space until it is needed to help offset your initial blow to profit. If you plan on doing this, plan ahead and map out estimates of how much money you think that will bring in. Allow room in your budget for vacancies.
What is your endgame?
You don’t invest to lose money, but you could if you are not properly planning for the future. How and when will you sell the building when you are done using it? When will you be done using it anyway? If you think you might outgrow your building, when will that be? Are you thinking of holding on to your building as an investment later in life? These are all important questions to look at ahead of time. It’s not that your plan won’t change as time goes on, it is that you need to have a good base to work off of.
Knowing what you’re doing and being fully informed will make you more confident in your decision and help you make the best possible choice for your business. Cascade Capital Funding is here to help you make your business dreams a reality and meet your goals. We can help you find the best possible funding option for your next project.