Choosing a Space: 5 Most Common Overlooked Costs
August 19, 2011 § Leave a comment
So you love the space and even better – love the price. But before you jump the bandwagon and sign the papers, make sure to clarify all costs with your sales manager. Most often, brides think the initial package price is the end-of-it-all price. Renting a venue is not like buying a pair of shoes, check the price behind the sole and add the sales tax, and that is your total amount. Make sure your package includes the following cost –
If your venue supplies staffing for your event, it is highly likely that gratuity will be an additional cost. Gratuity may run from 18 – 21% of your total package or could even be a flat fee at some venue. For example, if you total package is $599, be prepared to pay an additional $107.22 at an 18% gratuity. So make sure you clarify with your sales manager if your package includes gratuity or not.
2) Sales tax
Most of the time as consumers, we tend to overlook sales tax. However, sales tax on a large amount of money may yield a significant cost. Depending on your local state and municipality, do make sure to ask the total sales tax on the package. Ask them to add ALL sales tax because even 1% may throw off your total budget. Think about it: 1% on a $10,000 venue is about a $100 extra you have to fork out.
3) Bar Requirements
Most venues make their money from their bar. Hence, it is extremely important for you to know the minimum bar guarantees for your package. Unless your package already includes bar prices, most venues impose a minimum that might make or break your desire for renting that particular space. Some space have cheap rentals but a $4000 bar minimum can certainly make a dent in your bank account. Question you want to answer, is a $4000 bar worth it to you?
4) Miscellaneous Fees
Some spaces charge a fee for miscellaneous items such as DJ tables, outside caterer fee, projector screen, and etc. Go over a list of miscellaneous items you need and also required by the space before totalling up your final amount.
5) Furniture Rental
Do check out with your venue if your package includes furniture rentals. Some may and some may not. Either way, it is extremely vital that you ensure these costs are covered within your budget and package.
We understand that event planning can be extremely tedious and meticulous. Always make sure you have a handy guide book with you and at Private Event Spaces, our best friend is called “The List”. Keep listing and listing and again, exhaust all listings! That way, you’ll never forget the little details!
We wish you all the best!!