You need a new space for your business – that’s exciting! This one is for the newbies. Whether you’re relocating, expanding, or starting out fresh there are numerous decisions to make. One of the biggest? Renovating an existing building or starting from scratch with a Ground Up build. Consider the following:
Image of Urban BBQ Renovation Project in Ellicott City, MD
Cost: When choosing to buy a building, fees include: appraisal costs, down payments, loan payments, closing fees, and any renovation costs. In contrast, when choosing to build from scratch, fees can include: land purchase, utility purchases, architectural design fees, contractor and building costs, and inspection fees.
Location: If you want your business to be in a more populated, urban area, sometimes there isn’t as much land available to build from scratch. However, if your business calls for a less urban setting (sometimes meaning more secluded) with more access to natural land, then building from scratch can be the better choice.
Image of Severn Village Ground Up Project in Millersville, MD
Business Needs: If you need specialized facilities for your business, then starting out new can be best so you can customize. However, if you just need more basic space, it can be easier to buy a space already built discuss additional add-on features with your general contractor.
Timeline: Building a completely new space can take a lot of time, but you get to be in control of all aspects. Ready to go? An already built building can speed up your dream by months or years which makes achieving your goals go a whole lot faster.