Your business will grow, so your office space should also. This can mean renovating an existing building or adding to it, or even building a new one. These are some helpful tips for commercial building renovations to make the most of your new construction or renovation.
These tips could save you thousands and make the whole process less stressful for your staff.
All of Your Options
After you have decided whether you want to renovate or add to your building, you need a general contractor to help you navigate the rest of this process. It’s best to hire a general contractor who has established connections, even if you don’t have a lot of experience in commercial building. The general contractor will be responsible for managing and hiring the team that will manage the different parts of the construction process. This includes brick masons, electricians plumbers, HVAC specialists as well as drywall hangers. If you attempt to do this alone, it will be time-consuming and cumbersome. You won’t get the same prices as an established contractor. Patco Construction record of reliability, trustworthiness and a thorough knowledge of construction has helped make it a success. Patco Commercial Construction has been around for over 35 years. This is an achievement that few general contractors can equal. We offer design-build services that include design, planning preconstruction, engineering and preconstruction, and construction until the final stage of construction. Each job is a different one-of-a-kind challenge with its own demands and obstacles. Patco is a reliable guide to help you with your construction project.
Take a look at your Revenue and Expense Projections
This is where you will need to estimate your company’s revenue and expenses during construction. Then you can plan how much you can invest in the project. You will know how much capital you are able to invest and how much financing you will need. You can make accurate projections to determine the payment terms that you are able to afford, so you don’t take on any more debt than you can pay off within a reasonable time.
Be aware of legalities
Every municipality has its own regulations regarding permits and zoning. A good general contractor can guide you in choosing the best property and obtaining the necessary permits before you begin construction. There will likely be inspections and sometimes construction can be halted while an inspector inspects the property. These types of delays can be included in your building plans. Also, consider any potential snags such as inspectors asking for additional materials or safety precautions.
Do not try to save money by skipping a professional architect
A simple floor plan for a dental office or doctor’s practice may seem sufficient. A professional architect or designer can help you make the most of your space and ensure that it is equipped with plumbing, HVAC units, electrical outlets, etc. This is especially true if your equipment requires special electrical or connectivity capabilities. A professional architect can help you design any additional space that you are adding to your property for lease out.
Take a look at how overseeing the build might affect your normal business operations
Businesses often underestimate the amount of time it takes for contractors to get back to them and make many decisions. You will need to be available to help your contractor negotiate, answer questions and communicate with customers. His/her time is also your money and if you delay answering their questions, the project will take longer both in time and money. To ensure minimal disruption to customer service and operations, many businesses have designated a liaison to assist with the contractor.
Get professional advice regarding costing
Commercial building costs include managing square footage and contract exclusions. Before the build begins, you need to understand what the “completed agreement” means. Is it inclusive of paving your parking area? Do you need to hook up utilities such as water? This is a crucial step in securing financing, particularly if you don’t have the funds to pay for the construction.
Incorporate some breathing space into your plans
Don’t be too strict when planning your building and budgeting. Weather systems, market fluctuations and other factors that are beyond your control can dramatically affect the cost and timeframe of a build. Sometimes, problems can be discovered during a renovation project that weren’t obvious before. For contingencies, add 5-10% to your budget.
Secure Financing before Anything Else Happens
Start with your existing financial advisors. You are more likely to be funded again if you have a good relationship with your bank or other lending institution. You should also consider other financing options, such as crowdsourcing and venture capitalists, for business ventures. These are great options if you can reach beyond the lending limits. They are more likely to lend funds for an established business than for a new startup.
You can rely on your contractor
You can trust that the contractor you choose will be able to guide you through these steps. It’s not necessary to reinvent the wheel. If the contractor has worked with a specific architect, lender, or other professional in the past, you should definitely rely on that knowledge and make use of existing relationships. You can often find help from your contractor to connect you with other professionals such as an agent who specializes in commercial properties or someone who is familiar with local zoning laws. Contractors are your best resource for information about inspection and permitting.