Renovating your building may be the only thing you need to increase the market value of your property. Note that renovation should not only improve the curb appeal to attract people but also about improving the safety of everyone in the building. The space should be functional and accommodative for your employees and customers. Therefore, renovating it can be the best thing. Unfortunately, renovation projects can cost a significant amount of money. That means you must be well prepared to handle the project. You can look for commercial real estate loans that cater to renovation to get financial assistance for your renovation. The following are tips for planning a successful commercial building renovation project.
- Create a Budget
One of the most essential things you must do for a successful renovation project is to create a budget. It can be wise to consult professionals regarding renovation requirements and expenses. Once you have details on the project’s cost, it is easy to know how much financing you need. You may want to prioritize the critical things first to ensure everything goes as planned. Make sure you also add 10% of the total amount of the budget for unexpected expenses.
- Hire Qualified Contractors
An ideal contractor should have years of experience, be conversant with the latest technology, and have the expertise and equipment to do quality work. They should also be someone you are comfortable talking to and one who listens to you and can complete the job within the agreed time. So, look at their portfolio and references to confirm you hired a qualified person with integrity and know-how.
- Find a Temporary Work Space
A renovation project can interrupt your daily operations. This, in turn, reduces productivity, performance, and results. Therefore, before you start the renovation, set up a temporary workspace for your workers. This way, you will not disrupt your operations, and the project can continue without issues.
- Handle Permits
It is also crucial to secure a renovation permit before you begin. A permit is a requirement in building and when altering your property. It is proof that you are carrying out the renovation based on the regulations set by the authority to ensure everyone is safe.
- Consider Sustainability
Today, more companies are focused on reducing their carbon footprint. Therefore, during renovation, plan how you will be sustainable. The main goal here is to use eco-friendly materials and explore other ways of improving the efficiency of your renovation. In fact, eco-friendly building materials are cheaper than others. Hence, you will save more in the long run.
- Schedule and Encourage Team Effort
Before beginning the project, you must ensure everything is settled with the contractor. Therefore, make everything clear with them, including the renovation timeline. It is advisable to have everything outlined to reduce interruptions and downtime. It is also advisable to encourage teamwork so tasks are completed on time. If there is something you can do to reduce the amount of work, do it. It will help complete tasks on time and make the project less overwhelming.
Renovating your commercial building signifies that you care for your property and everyone inside. It also helps increase your property’s market value. The best thing is that you can take a commercial real estate loan to finance your renovation.