Renovating a building is a tedious affair and is only undertaken once in a while. A few tips can ensure that the remodeling process yields maximum results.
Have a Clear Motive for Renovation
Identifying the purpose of the renovation is of prime importance. Objectives such as whether the renovation is just for giving the building a facelift or if it is going to be a major remodeling for structural changes in the property must be considered. Having a clear idea of the motive will help to plan the renovation by prioritizing and focusing on changes that matter and allocating a higher budget for these.
Balance Investment and Returns
The major purpose of renovating a commercial building is to increase revenue generated. Going overboard with spending without considering the returns may incur losses and lead to non-recovery of capital expended. A right balance must be found between the cost incurred and the expected increase in value and revenue to ensure an acceptable return on investment. An expert opinion or an evaluation of other similar properties in the vicinity can help in the same.
Gather Knowledge About Permits Required
A few permits may be required from the local authorities before renovation can be initiated. An owner must ensure that they have a comprehensive knowledge of all the formalities and permission required beforehand to avoid any complications with the governing bodies in future. This will also ascertain that all the remodeling work conforms to the specifications laid down by these organizations.
Be Ready for Over Budgeting
Because there are estimative and predictive factors involved, very rarely does remodeling budget stays within initially allocated fund limits. Certain refurbishment that were not originally considered and are only brought to the notice after undertaking the remodeling, may add to the expenses. A 10% to 20% stretching of budget may be expected and a capital reserve for the same be maintained beforehand.
Find the Right Time to Undertake Renovation
Renovating a building means it is going to be closed until the work is complete. This will affect the businesses and organizations operating from the building. It is hence ideal that the renovation work must be undertaken during that time of year which will affect these organizations the least. The duration of the renovation must be kept to a minimum and if possible should be done in a phased manner.
Remodel for Utility
While renovating a commercial building, the utility aspects must be kept in limelight. If there were any changes that previous leasers or occupants of the building might have suggested or requested, the feasibility of including the same might be considered. Any modifications that might attract more prospective customers is going to be beneficial to both the occupants and the owner of the commercial establishment.
Get a Professional Opinion
Before undertaking renovation work it is best to consult with multiple companies that are experienced in renovation of commercial buildings. Experts of these companies can advise regarding various aspects including the health condition the building is in, the structural changes that can benefit the building and any modifications that may be required in accordance with the law. They can also help to plan the remodeling process so that it costs less and takes less time.
Go Green for Sustainability
Minimizing the adverse effect of the building on the environment is not only mandated by law in some legislations, it also implies that an organization is considerate towards nature. Usage of solar panels for central heating and electricity generation can help minimize the carbon footprint of the building. Designs that allows maximum amount of natural light as well as keep the building cooler lower the impact on environment and can also be considered.
Consider Tax Benefits
Multiple tax benefits can be benefited from while renovating a building. A legal counsel with an attorney or accountant regarding the same can help an organization to apply for various tax concessions and financial incentives.
Keep in Mind Future Needs
There is no point in spending money on renovating a property and having to remodel it again after a few months. While making any changes to the building, the future needs must be considered so that they are easy to incorporate without major restructuring.