So, you’re an artist or designer with a growing body of work, and you’re thinking about opening your own gallery. But where do you start? First things first, you’ll need to find the perfect location. Here are some tips for finding and buying a residential property that you can turn into an art gallery.
1. Look for properties in up-and-coming neighborhoods.
These types of properties typically have high ceilings, large windows, and plenty of wall space—all features that will come in handy when displaying artwork. Plus, being in an up-and-coming neighborhood will help attract attention to your gallery.
For example, if you’re looking to open an art gallery in the city, choose areas that are rapidly gentrifying, so you’ll be able to find affordable property options that have the potential to increase in value over time.
Another option is to buy a fixer-upper in a desirable location. This will take some extra work on your part, but it could be worth it in the long run. Not only will you be able to get the property for a lower price, but you’ll also have the opportunity to put your own personal stamp on the space.
2. Look for a property with a history.
Historic properties have characters that can’t be replicated. This will give your gallery an added layer of charm and interest. Plus, many cities offer tax breaks or other incentives for businesses that are located in historic buildings.
When considering a historic property, be sure to do your research and find out if the building is structurally sound and up to code. You’ll also want to ensure that you’re comfortable with the amount of work needed to get the property up to par.
You’ll also want to find a space that’s situated in an area with high foot traffic. This will give you the best chance of attracting customers and generating sales.
3. Make sure you afford the property.
You’ll need to approach this purchase like any other real estate transaction and work with reliable mortgage lenders to get financing. But, because you’re buying a property to use as a business, there are a few additional things to keep in mind.
For starters, you’ll likely need a higher down payment than you would for a personal residence. You’ll also want to ensure that you have a solid business plan to show potential lenders how you intend to generate income from the gallery.
If you need help figuring out where to start, there are plenty of resources available online and at your local library that can help you put together a business plan.
4. Make sure the property is zoned for commercial use.
You want to avoid going through the hassle (and expense) of converting a residential property into a commercial one and then finding out that you weren’t allowed to do so. So, before you start the buying process, be sure to check with your local zoning board to find out what types of businesses are allowed in the area where you’re looking to buy.
Keep in mind that even if a property is zoned for commercial use, there may be restrictions on what type of business can be conducted there. For example, some areas may allow for retail companies but not for restaurants or other types of businesses.
If you’re having trouble finding a property that meets all of your criteria, consider working with a real estate agent who specializes in commercial properties. They’ll be able to help you find the perfect space for your gallery.
5. Consider the size of the property.
You’ll need enough space to accommodate your artwork and visitors, so make sure the property is large enough to accommodate both comfortably.
Consider any special features you may want to include in your galleries, such as a workshop for classes or events, storage space for inventory, or an office for yourself or your employees.
Remember that you can always start small and expand later if needed. But, it’s better to err on the side of caution and choose a property that’s too large rather than one that’s too small.
6. Pay attention to the details.
Small things like hardwood floors, fireplaces, and exposed brick can make a big difference in terms of setting the tone and feel of your gallery. So, when you’re looking at potential properties, be sure to take note of these types of features.
You should also pay attention to the layout of the space. For example, is there a natural flow from one room to the next? Are the ceilings high enough to accommodate large art pieces? Is there adequate lighting?
The better the condition of the property, the less money you’ll need to spend on renovations. So, it’s worth taking the time to find a space that meets all of your needs and is in good condition. Consider hiring an architect or interior designer to help create the perfect gallery layout.
Opening your own art gallery is a big undertaking, but it can be incredibly rewarding both creatively and financially if done correctly. Use these tips to find the perfect property to turn into your gallery, and you’ll be well on your way to success!