How much money should I budget for a new credit union headquarters?

Perhaps it is finally the time when the CU has enough money to build its dream headquarters.

Maybe the call center AND lending can be in the same building.  Or maybe it is time to refresh and create new vibe for employees to do their best work.

Either way, building a new Headquarters is an expensive proposition for any credit union.

To budget for a new HQ there are three key elements you should consider.

These include:

  • Physical Building – this is going to be a big part of your future. Start with an Architect, survey your departments and find out what they really need.  Most likely you will use some multiple of square footage to figure this out – say 200-400 a square foot.   Within that will be architecture fees, construction costs, decorators, and materials.  The good news is this going to serve you for years to come.  As always – you will have to balance between what you need now, 5 years from now and 10 years from now.  All it takes is one overbuilt building and one economic downturn to spend the next 5 years treading water expense ratio wise.
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