I would like to open up a bakery in westchester ny. However, i would like to own my bakery upright instead of renting. Anyone own their bakery on cc. Approx. how much do bakeries spaces go for? any input on this would help-thanks.
Can't tell you how much a bakery would cost but depending on the size and town in Westchester it could be pricey - pretty upscale places up there!
I'm putting together a business plan (was thinking of Englewood, NJ which should be comparable to Westchester) and some of the prices I looked at in a good location were $500+ which doesn't include any equipment, so I'd have to spend $$ on renovations and equipment. Renting a storefront was around $12K per month. I'm now thinking of downscaling 'the dream' and working with a few other decorators I know to rent a place without a storefront.
You may be able to find a deal with commercial real estate prices, but your best strategy is to call a real estate agent in the area and they can work with you. As you know, historically real estate appreciates, but who knows where its going to go and when given the current state of economic affairs.
Best wishes for success with whatever you decision is!
thank you so much that helped alot
Don't forget basic "real estate" stuff....
Yours costs will be property and local taxes, insurance, and interest on your loan. Along with that any association or common fee associated with a particular property.
Overall, it should be a good investment. Downside- it is a longer investment. Yogu could be stuck for YEARS with a property tryin to sell it, where a lease ends at a specific time.
Don't forget to factor is all the "bring it up to code" and "upgrade" costs, along with standard equipment and decorating costs. ANd like often said here- make a budget, and just double it...
#1 rule- location, location, location. Of course, that often comes with a hefty price tag.
wow it looks like renting might be best afterall, i just hate to have to pay rent on a storefront and then worry about my rent at home also. thanks for the feedback.
I own my bakery building and there is an apartment upstairs and we live there so we only have one mortgage. That was a godsend when we were first getting started. I am in a small town in Iowa so building aren't quite as pricey but I also can't charge as much for product. and just remember when you own all repairs interest on loan dpereciationof building worth, and taxes are all tax deductible.