Hello everybody! I am in the beginning stages of developing a hostel of my own, but I can't seem to get all the numbers for my startup budget! This is very frustrating because I have worked in this industry for MANY years and still can't seem to ge the information I need, i.e. miscellaneous costs such as insurance, taxes, permits, and so on.
I don't have a space yet, but I have a gross estimate of the size and location. Can ANYONE lend a hand and show me or direct me to some good resources? I want my numbers to be as precise as possible before I start presenting to investors.
Thank you!
Nicole
11 years
Just some further information: The size will be close to 20,000 sq feet in the Seattle area. I have all costs figured except taxes, insurance, and permits for building improvements. Does anyone have any idea of these costs? If so please reply or email me directly at [email protected].
Thanks!!!
11 years
20,000 is a pretty good size. The taxes would depend on if you are leasing or owning. Plus there is worker's comp and liability insurance.
The building permit fees are usually a percentage of the construction value plus a flat rate. I have budged 10% of the cost for permits. Your city code department should have that online.
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