Commercial property renovation is big business. It’s the act of transforming an existing unit to either update it or repurpose it for a different kind of business. It can apply to retail units, offices, clinics or industrial buildings, such as warehouses.
Typically it takes several weeks to complete a commercial building renovation, but not months or years. Prices range from around $40 per square foot, all the way up to $250, depending on how deep you go.
In this post, we take a look at some of the steps you’ll need to go through to ensure that your commercial building renovation is successful.
Assess The Building
The first step is to appraise the building, get a feel for it, and then consult with experts who can tell you how to transform it according to your goals, and what it’s capable of. You’ll want to get a copy of your city’s building codes and find out more about any violations that you might need to consider before you create your budget.
Get Your Budgeting Right
The next step is to factor in the total costs. You’ll want to consider building materials, hardscaping items, such as asphalt paving if you’re redoing your parking lot or access roads, and management fees. The best way to figure out how much the work is going to cost is to go to experienced contractors who’ve worked on similar projects in the past. They’ll provide you with a range of quotes, giving you a ballpark estimate of the price of the work.
Find A Good Contractor
Good contractors have the following properties:
- They’re licensed and insured
- They have experience with the type of project you’re working on
- They have good references and a good work record
- They have enough money in the bank to complete the work
Create A Schematic Design
A schematic design is like a dynamic design that helps you map out the cost of your projects. It’s also good for finding costs that you didn’t anticipate.
To avoid any unwanted errors, you’ll want to sit down with a skilled architect and talk to them about where cost overruns might occur. You’ll also want to flesh out a conceptual design with them so that you can develop the most efficient space possible.
Finalize The Contracts
Before you sign off any work, you’ll need to finalize contracts. Always do this with the help of experts who understand exactly what they’re doing, including lawyers and architects. You’ll want to get an expert to check over things like warranties, construction dates, payment terms, and who will offer supervisory functions.
Get Materials And Equipment
The next step is to get all the materials and equipment that you need. Contractors will usually organize this part of the process for you so that you remain on budget.
Construction
The last phase is construction. Here you’ll pass overwork to the construction company. However, you’ll still want to engage with current tenants and maintain good relations with them. Loud equipment or restricting building access could cause problems.
