A fixed location is one of the first things that a nonprofit needs. It will be the base of operations, and it will greatly help you reduce overhead expenses. Rent can easily become expensive over time, especially if you are expanding. If you want to give your best effort, then owning your own property will help you do that.
Though it might be cheaper than renting, buying properties has its own share of expenses. Fortunately, these can be easily avoided if you know what you are paying for. For all the nonprofits out there looking at buying a property, here’s what you can do to save money without compromising the quality.
Restore instead of build
Having your own location is essential in the stability of your organization. People need a fixed location where they can visit or send their donations. Just a single office may not be enough if you already have large projects. However, buying properties is not cheap. What you can do, instead of building something from scratch, is to renovate or restore an old property.
According to an expert, tearing down and rebuilding will be 20 percent more expensive than remodeling an entire house. If there is still a good foundation there, then fixing it up can prove more cost-efficient. You already have the base of the property, and it just needs repairs in certain areas.
However, before doing this, it is best to have it inspected by a commercial reconstruction service provider. They will assess how bad the damage will be or if it is even possible to use its existing foundation. After their inspection, they can better understand the possible costs and requirements to rebuild the property.
Repurpose old furniture
When it comes to furniture and equipment, you can look into buying used or second-hand items that you can repurpose. Thrift stores have a lot of old furniture that needs a few parts repaired. Similarly, you can also look into accepting donations from others. Other items may not serve their original purpose but can be transformed into something new.
Another thing that you can do is buy open-box items. Some items have been returned but were not sent back to the manufacturer. Often, people return items because the packaging was damaged, or there was something about it that did not match the manufacturer’s requirements. You can find deals that can go as high as 50 to 75 percent off the original retail price.
However, you need to consider the cost of repairing something versus paying for it. If the price to repair it exceeds a new model’s price, then it’s best to get something new instead.
Ask help from DIYers
Aside from the technical stuff like electrical installation and plumbing, a lot of renovation and construction work can be done by yourself. You yourself might not know how to do it, but there are many people out there that are experienced in DIY. Getting the help of those who do can greatly reduce your spending. Many would be glad to help if they know it was for an organization that helps people.
Volunteers can do the cosmetic parts of building your property. This can include painting and flooring. If you create more divisions for the rooms, then those can also be done by a DIYer. Window replacements can also be done by someone else as well. Usually, the tasks that require a professional are those that require permits and more building knowledge.
Make sure you don’t miss payments
Although it seems self-explanatory, being on time with payments can help you save money. Many household residents struggle with hidden charges that are given to late payments. Utility companies won’t necessarily cut off your supply right away, but you also have to pay additional charges for reinstallation when they do.
Make utilities a priority when you are budgeting for your monthly expenditure. It will be challenging if you lose electricity. You won’t be able to continue operations at all. A good practice is to allot a bit more as a cushion. Some companies are quite sneaky when charging and even bill you for things like mailing notices.
These expenses may seem like an inconvenience now, but you will see the benefit later on when you can freely do what you want in your space. If your goal is to grow and help more people, it can’t be helped either that you have to buy a new property.