The Need to Own Property
At the start, the shop owners rented the space they required for a storefront. However, as time passed, they discovered that owning the shop became increasingly advantageous. While they had occasionally talked about owning it, certain factors consistently prevented the company from making this significant change. Nevertheless, with the business flourishing and the need still present, the owners opted that the current moment was ideal to take action or, at the very least, explore the feasibility of ownership.
Costs Associated with the Change
Following the agreement to acquire the property, the next crucial step involved calculating the associated costs. Fortunately, the property owner who had previously leased them the space expressed a desire to sell, eliminating the need for relocation or additional complications. Obtaining suitable funding emerged as the primary concern. Once all factors were taken into account, the total project cost amounted to $4.5 million.
