It’s understandable if your a business owner and dream of having your own building to house an office, warehouse, or production site. After all, leasing space can be expensive and problematic if you can’t get exactly what you need. This is expecially true if you have unique needs and a specific vision. Your idea of building your own corporate headquarters is a grand one but could take some time to accomplish. That said, it’s never too early to make a plan and gather information. Here are some tips for planning your business construction project.
Recognize Your Personal Motivation
Why do you wish to embark on such an extensive project? Take some time to consider why you’ve decided to do this instead of simple purchasing an existing building. Maybe you’re tired of paying outrageous rent, or maybe your company is doing so well that it’s worth the investment.
Perhaps you want a more energy-efficient working space, or you want to create something that you can sell for a profit. Whatever the reasons are for embarking on this adventure, it’s imperative that you understand them completely. If you’re constructing an office space that will be used for several years, you may be justified in spending extra money.
Understand the Process
If you have built a house before, you understand that there are many facets of the process. Building a commercial building has even more steps because of zoning laws, safety measures, and a ton more hoops to jump through with paperwork and permits. It’s best to start with the professionals that can help you make decisions about location and building requirements. Consider contacting a commercial realtor, construction company, the department in you town that handles zoning, and, of course, your bank or investors. Also, to get you started, check out commercial building websites, attend shows, and read up on owning current commercial space compared to building your own.
It’s obvious that nothing will happen with your building project until you secure the money to do it. It’s important to consider all the details so you can set a realistic budget from the beginning. Unless you are in the extremely rare position of not requiring a mortgage, consult professionals who can provide you with specialized financing. Even if you have your own money, it’s important to have backup financing. This can be your bank, private investors, or a combination of the two. Do speak with a commercial banking specialist about your project because he/she will understand the process and the facts about what is involved and will have the necessary relationships with lenders that can support you.
Analyze Your Options
Understanding what you need and can afford to build is essential for success of your project. Instead of simply choosing the largest buiding that will fit on the land, consult with an experienced architect or designer early on in the process to ensure a successful outcome. This professional can show you what you can do within the constraints of your budget and the land you have at your disposal. This consult can also include a future plan for expansion should you need it. This information can then be given to your potential commercial builders to quote on and present any foreseeable problems or safety issues.
After considering the details of such a project, you might decide that you are not ready for it. That’s why it’s so important to understand all of your options as a business owner before you move forward or spend money. This plan could be more valuable for the future, whether that’s a year or 5 years.