When it comes to building renovation, cost-effectiveness is always top of mind. That can be challenging to do since there are several factors that building managers need to consider throughout the process.
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The following renovation pointers below can help you stay on track and make long-term improvements that pay off in the long run.
Stick to the plan, but prepare for the unexpected.
The importance of effective planning cannot be emphasized enough. There’s a variety of issues and concerns that can arise throughout the process of implementing commercial renovations or additions. As a result, change orders become relatively frequent.
Plan out all aspects of the job and ensure each line item corresponds to the agreed budget. Next, create contingency plans for when things go south (e.g., incorrectly positioned windows, referenced budget is not the approved version). Additionally, maintain open channels with the contractor you’re working with to minimize miscommunication.
While change orders in certain circumstances are essential, doing too many of them at any given time can cause you to go over the budget.
Add new features that provide value and utility.
Renovations are an opportunity to improve upon your existing space. Depending on whether you have a storefront or rental property, you should create changes based on the needs of your clients.
For instance, you can renovate your space to accommodate wall mounts and brackets, which can give you extra display space for consumer products. You can also convert a storage location into a common area where tenants or guests can socialize and interact with each other.
Or if you’re looking to introduce extra space but want to keep costs at the minimum, adding a mezzanine floor may be suitable. It’s an excellent way to create more space without spending too much on construction.
Work closely with your contractor to see if the proposed alterations are feasible. Consider financial constraints and existing local and national regulations. Additionally, check whether the job fits within your ideal timeframe.
Integrate environmental sustainability.
The increasing importance of addressing climate change has spurred administrators and contractors to adopt sustainable design in building construction.
It’s common to find several buildings nowadays that have Leadership in Energy and Environmental Design (LEED) certification that signifies compliance with sustainable design principles. These buildings use many green materials, such as grasscrete, bamboo-based materials, and recycled steel.
Improvements and renovations can also focus on ensuring energy savings. Solar shades can help you take advantage of natural light, and adequately insulated windows can help keep ideal room temperatures consistent.
While these types of improvements have high initial costs, they eventually pay off in the long term and can last for several years without major repairs. Consult your contractor to decide which ones are ideal for your building.
Don’t forget you still need to pay the bills.
In many cases, building owners and managers still have to pay for operational costs while the renovation is underway. When considering those two factors, you’ll realize you need to have a lot of capital to avoid being behind on payments.
That’s why it’s essential to think in advance and plan for expenses in the next two to three months. Make sure to have a clear idea of how much money you need to have for the operations (e.g., salary, general maintenance, energy bills, etc.). Then after allocating that amount, see if it’s still viable to go through with a renovation.
Additionally, having a contingency fund for potential change orders and other additional costs for the renovation is crucial. That is where the first point may be helpful, too.
With these suggestions in mind, you can check and plan for the renovations you want to have. You can make better decisions if you consider these factors.