This summer we had hoped to add some space onto our kitchen, but because we got a late start on the project, we soon realized (much to my chagrin) there wasn't enough time to finish the project before the cold weather and precipitation would likely intervene. Not to despair, though, I'm hoping to get all my ducks in a row for the next building season, so as not to lose a lick of time. I'd recommend the same for any readers who are contemplating a renovation or construction project of any kind for their self-storage facility next year.
We had our professional blueprints drawn up well in advance, but things were a little clogged in the permitting department of our town, so that step took longer than anticipated. The bidding process took even longer. Contractors sometimes make appointments they don't keep, so just getting excavation and foundation bids took weeks. When they did come in, the prices were much higher than expected. (Isn't that always the case?)
And so, now we're back to the drawing board, not with our blueprints, but trying to find the money to fund this little project. Surprisingling, interest rates aren't too confrontational, but the application and documentation of finances, taxes and the sort is suffocating. It sure used to be easier to get money a few years ago!
My little lesson here is to plan wisely and long in advance for any of your own construction projects. I'd suggest pulling up Dan Curtis' article on Self-Storage Phasing, if you're already up and running and ready to add more units. For the financial component, check out Georgia Ragsdale's article, Four Financing Sources for Renovating Self-Storage.
Get a hold of the ISS September issue, featuring construction topics, for plenty of tips for planning your projects, or visit the http://www.insideselfstorage.com/ website and type in keywords such as "construction" or "renovation" for an archival listing. And then, of course, you can also plan to attend the ISS Expo Nashville in as little as one month, where you'll get more than an earful of advice on all topics self-storage, via seminars, roundtables and other networking opportunities! Click on the link above for full information on sessions and registration. Hope to see you there!