...the best economical design
Storage Condo Building Cost
The building cost is directly related to the building design.
There are "cheap" designs which target the budget conscious and then there are "premium" designs. The design is determined by the type of “end user” or should we say the “buyer persona”.
When reviewing the common threads amongst all storage condo buyers, it clearly points out that the “buyers have means”. This supports the fact the building can’t be on the “cheap” end – they are not “first time homebuyers” looking “just to get into a place.”
On the other hand, they are not looking for premium space. They have some business and personal storage needs that they are looking for a solution. That means that they are “getting by” right now and don’t need the space. Price is very important in order for them to “consider a storage condo option” and the value (a balance between cost, quality and personal preference) becomes a primary factor in their decision.
There are buyers on the very high end and on the lower end however, the building cost should reflect the majority of buyers in between. The “high end buyer” can be satisfied through various amenities and “build-out” features. The truly budget conscious can be offered a “shell” unit with opportunity to earn equity by doing their own “build-out”. Again, it all comes down to price and value – a direct result of building design and costs.
So where do we stand on the cheap vs. premium scale….
We need to consider the total price of a unit because that gets people’s attention and then the value helps them decide.
In order to keep the price point low, the closer to the “cheap” end of the scale, the better. This still provides opportunity to the budget conscious and opportunity to upgrade using amenities. A side benefit to this strategy is that it will be harder for others to develop a competing site if the building costs are at the lower end of the scale. (Review the site design section to realize how the combination of site selection, site design and building design add up to an economical storage condo solution that can’t be beat – doing one without the other affects the price significantly.)
The value will happen naturally if there is overwhelming evidence that there are no other solutions in the real estate market and that the only remaining option would be to continue “making do”. I good indicator for overwhelming value is “there isn’t any commercial property available for “twice the cost” of a single storage condo unit.
The buyer will come to their own conclusion that it is unlikely that the price of a unit could ever be “any cheaper” and the units are not cheap looking. – That’s when they buy!
This is accomplished through a very strategic design process. The cost of the building(s) is a hugh component of the final price of a unit and therefore must be looked at closely. Each component of the building should be scrutinized for the cost and the value it adds. The sum of those components then give the building character that attracts both the budget conscious and the more “discriminating” buyer.
The building cost for a typical StorageShopUSA™ building is included as part of the Storage Condo Development Manual.
The cost breakdown can be reviewed with the final building plans and you can see how simple (yet affective) design measures added great value to the final product (example – 2.5ft eaves vs. 1ft or less makes a big difference in the look but very inexpensive to provide).
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"Two heads are better than one" so continue to study the building costs and other development design sections. Get the Storage Condo Insider to stay informed.