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My friend and fellow photographer Justin Horrocks recently took a huge step for any photographer, when he bought a building to set up a photo studio of his very own. The building used to be a workshop, which meant that everything was covered in black dust, grime and dirt from several years back. Now, he is in the last phases of giving it its much needed overhaul, complete with adding a giant white, seamless wall, and I decided to ask him a few questions about taking this huge step.

Like myself, Justin started working as a full time photographer fairly late in life. He already had a career going as a network engineer, and taking pictures started as a side gig on iStockphoto, until his sales started taking off and he was able to leave the corporate world behind.

Most photographers dream of having their own studio and Justin was no exception. He carried his dream for years prior to finally acting on it. Wanting it and having the means and know-how to getting it done were two very different things.

“As a homeowner, I have come to understand the value of equity. The majority of the money I needed would come from refinancing my home and cashing out as much equity as I possibly could,” Justin told me. “My opinion of leasing is similar to that of flushing my money down the toilet, not to mention the fact that I would have to play by the rules of whatever landlord owned the property. If I'm the landlord, I get to make up the rules and knock down whatever damned wall I please to achieve my goal.”

He points out that making the investment by no means was a spur of the moment decision. Numerous models were considered, including building a studio in his back yard (eventually, dealing with the red tape killed that idea) or buying a condo to use as a studio. Eventually, he decided that a commercially zoned property was the best way to go, and from that point it took only a few days before he had found the perfect spot. The catch — the price tag said more than half a million dollars.

“Here's where the beauty of my success with iStock comes in,” he adds with a big smile on his face. “Years of saving allowed me to add to the equity dollars to allow me to afford the down payment and a rennovation budget.” As part of his negotiations with the bank, Justin showed them his sales statistics from iStockphoto, including the projected sales graph, that iStock offers. “Between the down payment, my history and expected growth with iStock, the bank had no trouble issuing the loan,” he says and adds that when it came down to it, buying a commercial property was very different than buying a house.

“If you have ever purchased a home, throw everything you know out the window and prepare to be submerged in an ocean of new terminology and new hoops to jump through. The purchase process started mid October 2007 and closed mid November. We are now a little more than a week into January, and I am still about two weeks from being able to use the studio. I am also about $2 under budget for rennovations!” Justin says this with a grin on his face, that makes it hard for me to figure out if he’s proud of this, or if he is just nervous as to how much he will end up going over. He does add that buying property might not be the best solution for everyone.

“If you're considering moving your studio out of your living room or basement, be sure to weigh the options of leasing vs. purchasing and take into careful consideration how serious you are about pursuing your dreams and perfecting your craft.” To Justin it was just as much about investing in his business, as it was about getting a studio to shoot in.

I will return to Justin’s studio and follow up on his progress later, to see what kind of unexpected things he encountered in the final phases. Heck, I might even persuade him to let me use the place, once it’s ready. Personally, I won’t be making this kind of investment any time soon, but I am more than happy to follow Justin’s progress and thankful, that he is willing to share it with me and you, my dear reader.

The photo above was taken by Justin's sister, who is also an active photographer on iStock.

Rasmus Rasmussen is on loan from iStockphoto, where he is part of the image inspection team.