Commercial Real Estate Financing
What to Do When Business Is Booming
There were two options when it came to how to move forward for this chiropractic business. The first would be to only take the patients as space was available, which would mean some may have to choose a different practice to visit. The other was to take the plunge into expanding the business.
To move forward, the owner knew that renovations would be needed. It also made sense to purchase the property and land so it would be owned by those running the business. It would take a lot of work but the owner chose to move forward by looking into how much it would cost.
The Cost of Property, Land, and an Expansion
There were a lot of factors to consider when moving forward with the project. However, before deciding it was a good idea, the owner wanted to know how much it all would cost.
In this case, purchasing the building and property plus accounting for the expansion led to a price tag of around $750,000. With the cost in mind, the owner moved on to the next step.