Making space:Freestanding units are a popular choice for people who want more room
NAPSI - If you are like many homeowners seeking to enhance your property and support your lifestyle interests, adding a freestanding hobby shop, home office, vehicle storage building, or recreational facility can be a great idea.
Photo: NAPSI
Building a freestanding unit on your property versus renting a retail location might be advantageous for a small business owner or an avid hobbyist. While renting commercial space offers more immediate flexibility and lower initial investment, generally it is better for small businesses with limited access to capital or needing a shorter rental commitment. On the other hand, owning a freestanding building might be a much better option.
Owning a freestanding structure does comes with challenges, including higher upfront costs, responsibilities for maintenance and repairs, and potential zoning or permitting issues if used for a business operation. Ultimately, the decision should be based on your current and projected financial position and long-term goals. The first step is to talk with a financial advisor, an insurance carrier, and your attorney to make an informed decision.
There are several advantages to having your own building on property you already own.
A freestanding building can provide you with increased equity over time. As the property value appreciates, it will increase the overall value of your land with the improvement. Since you own the property, you have control over how and when it is used. No more worrying about negotiating new leases, rent increases, security deposits, or restrictions imposed by landlords. From a profit/loss perspective, this can be crucial for long-term business planning.
While the initial investment for building a structure might be higher, in the long run, you may save money when comparing the aggregate rent paid over a three-, five-, or ten-year period. Plus, once the building paid off, your business becomes more profitable almost overnight with no mortgage or rental expenses.
Another advantage is you can customize your space just the way you want it. Constructing your own building allows you complete control over its aesthetics, creating a unique and distinctive space. Building on your property provides flexibility in terms of size and functionality. You can design the space to meet your specific business needs.
While in the planning stages, one should also allow for future expansion or modifications if you can not afford to build your dream space right off the bat.
Don't need space for your side gig or business, but need space to pursue your passion? What can be better than having an MMA or CrossFit gym just a few feet from your backdoor? Need a space to restore and maintain vintage vehicles? How about a space for your band to rehearse? A freestanding building is just the ticket.
For hobby enthusiasts, freestanding building projects range from a small garage to an elaborate workshop to support a wide range of interests, such as woodworking, classic car restoration, various collections, or simply for storage of equipment and tools, said Andy Brown, Morton Buildings suburban product line manager. Also popular are man caves and she sheds, which offer a place to get away to relax and unwind, enjoy hobbies, and spend time with friends.
"Our customers have used their Morton buildings for such diverse interests as an art studio, a family game room, a space for music and instruments, doing meditation and yoga, brewing beer and exercising," Brown noted. "Some couples split the space in their hobby building so they each have separate areas for their own interests."
Many owners of boats, RVs, and other recreational vehicles, such as motorcycles and ATVs, he added, want an attractive, well-designed storage facility to protect and enhance the enjoyment of those assets. Many of these vehicle storage facilities also have amenities such as an office, kitchenette, lounge, bathroom, and space for hobbies.
"Homeowners want a building that will not only support their hobby and recreational needs but is also stylish and can be customized to complement the existing structures on the property with design features such as brick and stone, cupolas and porches," he said.
