If you operate a business that sells products to the public or other businesses, you may eventually need warehouse space to store everything. You might even need it for your own supplies if your business is in the manufacturing sector. Regardless of the reason for needing the space, the biggest decision you face is whether to rent or buy. Renting allows you to move on if or when you no longer need the space and can cost less money upfront. However, it also limits what you can and cannot do in your warehouse.
Approach the Sale Like You Would Buying a Home
Just like when you buy a home, buying a warehouse will require you to qualify for a mortgage and keep up with monthly payments until you have paid the mortgage in full. Be certain to research different available spaces in your area and ask several questions to ensure that moving forward with the sale is in your best interest.
For example, you will need to analyze your business budget to determine if the closing costs and monthly mortgage payment are affordable for you. It’s also important to ensure that you understand the terms and whether you can add to your payment or pay the mortgage early without penalty.
Determine How Much Warehouse Space You Need
You know that your business has grown enough to the point where you need additional space to store everything. What you probably don’t know is how much it might grow in the future. However, it’s important to give it your best estimate to ensure that the space you purchase is adequate for your company’s needs.
Keep in mind that the employees working at this new location will need a place to park. Additionally, they will need access to a breakroom, restrooms, and a meeting room if you hold meetings there. If you plan to move large machinery and equipment to the warehouse, you need to make sure there’s enough room to store it.
Are you ready to start investigating your warehouse purchasing options? Contact Mossberg Strategic Capital today.