Feb 6, 2017
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24-40. Sara Screws Up
Sara’s View of Life with Sara Troy, on air from October 1st “It happens—we screw up, make mistakes, and all we can do is own them, apologize, and learn from them. But don’t beat yourself up over it. We’re human, and growth comes from those missteps. Acknowledge it, make amends where you can, and keep moving forward with the wisdom gained. Life’s journey isn’t about being perfect; it’s about…
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What Expenses to Expect When Purchasing Your Commercial Space
Step 1: Recognize your expenses
When analyzing a commercial real estate purchase, one of the most significant budgeting errors many firms make is underestimating—or worse, completely missing—significant expenditures related to the transaction. Ensure you're considering these elements to prevent this potentially expensive budgeting mistake.
Purchase expenses: Purchase costs go beyond the cost of the actual property. For instance, you could have to shell out a sizeable money for due diligence, which might include environmental and structural evaluations, an appraisal, and a title search.
Closing expenses: In addition to real estate commissions and legal fees, closing costs may include sales tax and land transfer taxes. There can be a prepayment penalty if you already have a mortgage.
Contingencies: You should budget more funds in case unanticipated events arise. The usual range is 10% to 15% of the purchasing price. Many of these expenses may be more precisely estimated while you're negotiating the acquisition of commercial real estate.
Repairs and renovations: To make the location acceptable for your business, renovations may be required. Major repairs that were discovered during your due diligence may also be required. The foundation, siding, roof, windows, plumbing, electricity, heating, ventilation, and air conditioning are a few examples of major components.
Moving expenses: The price of moving furniture, equipment, and inventory is important to take into account, as well as the costs of setting up phones and Internet, making signs, advertising your new address, cleaning up any site contamination or hazardous building materials, and repairing your current location to restore it to its pre-move-in condition.
Permits: You can also incur charges to address any permit, zoning, encroachments, and easements (the right to use a portion of a neighbor's land) that are discovered during due diligence.
Downtime: The expense of downtime during the transfer is sometimes neglected, so make sure to factor in the price of any increased production required to increase inventories and guarantee continuous client deliveries. "Transitioning the business typically takes longer than expected," adds Prikker.
Operating costs and increases: You'll also need to calculate your operating expenses and any potential revenue the additional property will bring in. Finance, utilities, property tax, insurance, and maintenance, including snow removal, janitorial services, landscaping, and property management, are often included in costs.
Obtain prior invoices from the landlord. Consider whether your intended usage of the area will differ from that of the prior occupant. Your heating expense would likely be greater, for instance, if just a portion of the area was previously occupied. If a different type of business than yours was previously headquartered on the property, your tax obligations may also alter.
Additionally, find out how much the cost of operations has increased in recent years. This will enable you to predict price rises more precisely for You’ll also need to calculate your operating expenses and any potential revenue the additional property will bring in. Finance, utilities, property tax, insurance, and maintenance, including snow removal, janitorial services, landscaping, and property management, are often included in costs.
Step 2: Create yearly projections.
Now enter the data you've gathered into your projected annual income statement. To gain an accurate idea of the exact cost of the purchase, it might be beneficial to split out each cost and income item (from sources like tenant rent, parking fees, vending machine sales, and outdoor advertising). Next, determine if you can handle the purchase based on your predicted income. Add the figures from the prior year to your income statement as well to see how they affect your profitability.
Step 3: Keep track of the figures.
In your yearly budget for your business, be sure to account for both your running costs and capital expenditures on real estate, as well as any revenue from the property. Make sure you comprehend your expenses so you can allocate adequate money in your budget and continually seek savings opportunities.
Benefits of Investing in Fully Paid-Up Land
What do you mean by Investment?
Investment definition is an asset acquired or invested in to build wealth and save money from the hard-earned income or appreciation. Investment means primarily to obtain an additional source of income or gain profit from the investment over a specific period.
How Does Investment Work?
A financial objective is considered while making an investment. Over a specific amount of time, the investment goals contribute to revenue generation and growth. Bonds, equities, and PPF investments, among others, serve to increase money and provide a second source of income. Investments include some risk since they enable us to increase our money over a particular period. Some investment alternatives may offer stronger returns, but they may also carry higher risk in contrast to other investment options that offer moderate returns.
What is Fully Paid-Up Land
Land as an investment option has always been popular in India. Its popularity has not receded, despite the availability of various financial products such as mutual funds and equity shares. However, you should be aware of all the pros and cons before you go for investment in land. Investing in fully paid-up land means the payment is already done with the builder you only need to do an investment with the right budget and get your return on time and the value of your investment is getting appreciated as per time.
Benefits of Investing in Fully Paid-Up Land
1. Greater Flexibility
The stark difference between investing in a plot and an apartment is that in the case of the latter, there’s not much customization possible as it is limited to the architect’s vision of how it should or can be built. A plot of land, on the other hand, is similar to a blank canvas where you can build your dream home from scratch and where your ideas and inputs can play a pivotal role. Hence, it offers greater flexibility.
2. Low Initial Investment
A plot of land is much more cost-effective than a residential apartment. Therefore, many investors, choose to purchase land early on in life and build a house there later, when the savings are much higher. Vaarivana’s villas in Talegaon offer a splendid opportunity for investment with countless avenues of green, pure, and blissful living should you choose to live there in the future.
3. Quick Appreciation
From an investment standpoint, the most attractive feature of a real estate investment is that it is almost guaranteed to appreciate. In the case of a land plot, the value of the property depends on the surrounding infrastructure which in the case of Vaarivana is thoughtfully planned for a holistic community living experience.
4. Low Maintenance Costs
When you choose to live in a purchased house, maintenance costs are something you cannot do away with. In most cases, these costs are constant with slight variations every year. With a villa plot, there is low maintenance cost required as your villa is private property and the only upkeep required would be for the common areas and surroundings of the gated community.
5. Finite Asset
One of the biggest benefits of investing in land or a villa plot is that it is a finite resource. There will be continuous creation of residential high-rises but only a limited amount of land will be up for grabs. This aspect shows the landowners that their land investment will be in constant demand as a result of which the price of these plots will continue to appreciate.
4 Tips from a Compulsive List-Maker
4 Tips from a Compulsive List-Maker
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Lists are a big part of my life. People always tease me about my compulsive list-making.
I just don’t know any other way of living. I make lists for everything and it seems to work well for me. I actually wonder how people remember or get anything done without a list.
Over all my years in list making, I’ve come to realize a few important things have helped me get better…
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Make Your Planner Work for You
Make Your Planner Work for You
Image Licensed from Canva
Sometimes I get stuck in planner mode, not planning mode. Instead of focusing on my plans or even my planning techniques, I’m more consumed with my planner. I spend hours and ays fussing over my layout and looking for a planner I think I need.
I often get excited about a planner that I’ve seen someone using and I’ll succumb to the temptation and buy it. Only to realize…
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Estate Planning Blunders
https://yourmoneyontap.com/wp-content/uploads/2018/01/MOT-Show-058-2017-10-31-Estate-Planning-Blunders.mp3 Simple, Common mistakes you want to make sure not to do. On today’s show, we are going to spend the bulk of it talking about something that is very important. Insuring you know where your financial assets are going after you are no longer here. I know we have talked about it in the past, but…
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When you say...
When someone says “God has a plan”, I wonder “So what? Is this like ‘Ocean’s 97’ level planning? Because this B.S. is waaaaay to convoluted and complicated”.