3 Ways A Renovation Saves Money Compared To New Construction
If you're looking to expand your business's space or are trying to reconfigure its layout, you'll typically need to choose between two options: renovate your existing building or find a new one. While starting over can be appealing, it's crucial to keep the costs and benefits of each option in mind. A renovation will cost far less money in many cases while still providing the same or more benefits as a relocation.
Before making a final decision about which option is the most correct for your company, consider these three ways that a renovation will save you money or even provide a better final result than relocating or building a new structure.
1. Utilize Existing Building Utilities
Your existing building likely already contains plumbing, electrical, and HVAC utilities. This infrastructure can cost a substantial amount of money to install in a new space. You'll likely be able to reuse a great deal of this existing utility work as long as you aren't adding a significant amount of heavy-duty equipment or plan on greatly expanding your staff.
Even if you do need to upgrade your electrical or plumbing, it's usually much cheaper to expand your existing infrastructure than to deal with installing all-new equipment. For minor renovations, you may not need to change much at all.
2. Reduce Inspection and Permitting Costs
Constructing a new building is a long process, typically involving many stakeholders. Even if you're only building a relatively small structure for your own business, you'll still need to work with local authorities for the inspection and permitting process. The bureaucratic overhead is time-consuming and often requires extra personnel costs for inspection and compliance issues.
While renovations may still require you to seek permit approval and conduct inspections, the process is often far less arduous and time-consuming. Depending on the regulations in your jurisdiction, you may not need to conduct an inspection of your renovated facility at all.
3. Minimize Downtime
Nearly any renovation of an existing commercial space will take less time than constructing a new building. You'll also often save time when compared to moving into a new, less-suitable space and building it out to better suit your needs. Less time spent moving can substantially reduce your costs by allowing your business to continue to operate for longer and minimize disruptions for your employees.
The best option for your business will depend on your specific needs and the ways your existing space is no longer suitable. However, several renovations offer numerous advantages and cost savings, and they're worth it, especially when considering moving to a new location or committing to a large construction project.
For more information, contact a commercial renovations service, such as B. E. Vaughan & Son, Inc., near you.