This may only be an option for Sheds that have a large amount of money available to them through fundraising or grants. There can also be many legal requirements attached to purchasing a property, such as the need for surveys and a solicitor, and sometimes planning permission for a ‘change of use’ of a building.
Here are some advantages and disadvantages of this option:
Advantages
- It is your building; you have the freedom to set it up/ design it as you wish
- You have control over your costs (e.g. mortgage payments, utility suppliers).
Disadvantages
- The building is the responsibility of the Shed so requires a long-term commitment and contingency planning for its future
- Responsibility for the costs of all maintenance
- The ongoing threat of meeting mortgage payments (if applicable).
Your Shed will also need to decide what might happen to the building should you no longer need it or if you could no longer afford to run it. Try to answer some of the following questions:
- Would the property be sold privately? Where would the money funds from the sale go? Would you consider handing over ownership to the community?If
- ownership of your Shed was gained through a formal public authority process, there may be terms of your agreement that dictate what happens to your premises. For example, the land or building being returned to public ownership should the venture fold. For more information, contact your local voluntary sector support agency or relevant local authority.