Location is important for every healthcare practice, including dentistry. Recently, many businesses are considering turning their family homes to use as their medical or dental clinics to position them in the community’s heart.
Although converting a family home to a healthcare facility might seem like a great solution, there are certain details you must be aware of.
Obtaining Financing and Creating a Pro Forma
A pro forma is a lighter version of a complete business plan, with debt and revenue projections grounded in reality.
Basically, your pro forma will account for all your debt, medical clinic expenses, and expected revenues. Bankers may tell which projections are reasonable and what is not.
So one of the first things you have to do is create a pro forma that tells the story of the revenue. When creating one, you must include the expenses to set your medical clinic, medical supplies, health record systems, and other supplies you will need in your office.
Getting funding through traditional bank loans might be tricky, considering that most healthcare experts have a negative network after taking debts to go to a medical school.
This is where a family home guarantee comes in. So what is a family home guarantee? Well, it is a financial support that helps qualified single parents with one or more dependent children in buying a family house.
Why Convert a Home into a Medical Clinic
Mostly, it seems like it is less costly to turn an old family home into a dental office. However, there are costly issues to look at before you proceed with the process in the real sense.
Having enough space, which is designed for patients, can help the staff to be efficient. There are certain programs, which make commercial buildings more affordable.
Plus, while many dental clinics don’t need a lot of parking lots, traditional driveways don’t allow much room for patients and staff to move easily.
Seeking approval of a site plan for parking lots in residential areas can also be a great risk, which doesn’t always end up in your favor. Other reasons for converting include:
- Daily and maintenance use
Property Development and Planning
If you are getting a residential property to run a medical clinic, there will be some planning matters to look at to ascertain the use of buildings is lawful and authorized.
Based on the planning control affecting the land and the proposal details, medical clinics might or may not need planning permits.
Remember that every planning scheme has policies, planning control provisions, and decision guidelines that you must review carefully to determine the likelihood of getting a permit for your medical clinic proposal.
When planning your property development, is important to also think of a suitable location. For instance, a calming vibe is needed for a dental clinic’s most anxious patients.
The whole idea of building a new practice facility is challenging, particularly for dentists who have never owned a facility before. There are several good reasons to be thoughtful and hesitant, especially when there are several loan options and vacant family homes available out there.