Renovating a commercial property can be an exciting but also a very overwhelming prospect. Renovating your commercial property can have a number of business benefits, from increasing brand awareness to boosting employee productivity and morale. To ensure you are able to get the highest return on investment and realize all possible benefits, you need to carefully consider the renovation process. This guide is here to help you plan your upcoming renovation to ensure you have the very best chance of success.
Understanding The Renovations Process
Before outlining the steps to a successful commercial property renovation, it is first useful to provide an overview of the whole process. A commercial renovation involves the remodeling or updating of a commercial building. The main goal of a commercial renovation project is typically to expand the amount of space available, to increase the customer experience, or to boost operational efficiency.
How Long Does a Commercial Renovation Project Take?
The time it takes to renovate a commercial property will depend on a few different factors, such as the size of the building and the scale of the project. For example, if you only make superficial improvements, such as renewing the flooring and repainting the walls, this might only take a couple of weeks. Whereas, if you are undertaking larger projects, like expanding the available space, this could take over six months.
Starting the Planning Process
When starting the planning process, the first step is to assess the existing building and the surrounding area. Next, you should walk through the building and talk to the relevant staff members to ensure that everyone is on the same page for the upcoming renovation and designs.
At this stage, you must outline what your goals are with the renovations. You should clearly set out your goals and provide a detailed explanation of how the details of your renovation are combating these issues. The more detailed you can be at this stage, the best chance of increasing your return on investment.
At this stage, you should also be working to become more familiar with the building codes in the area you are in. It can take more time to renovate a building to comply with local regulations, so you must be clear on this before moving on to creating a timeline and budget.
Creating a Timeline
A successful commercial renovation project relies upon having a clear, realistic, and detailed timeline. While you are renovating your property, your operations are likely going to be impacted. As you will not be able to continue with your normal business operations while the renovation is going on, you must create an accurate timeline, as too many delays can greatly impact your businesses’ future.
When you are looking to create a timeline for your commercial renovation project, you must consult with everyone involved. You should talk to all builders and contractors to determine how much time they expect the project to take. It is important to remember that even the best-intended estimates are not always accurate. Expecting the project to take more time than quoted for you is better to ensure you are not caught off guard.
Setting a Budget
Once you have a clear idea of your intentions with your renovations and what the timeline is looking like, it is time to create a budget. The key to making a budget for your commercial renovations is to consider all costs, these include:
- Employee wages
- Lost work time
You should try to get detailed quotes to try to make this budget as realistic as possible. It is also useful to add an extra 10% on top of your commercial renovation budget to ensure you can always meet any unexpected costs.
Find The Right Contractors
The next step of the planning process is to find yourself the right contractor for your business needs. You should be looking specifically for a remodeling contract rather than a general contractor. Finding a contractor with experience in remodelling commercial properties like yours will ensure you benefit from the most expert support.
The contractor will be responsible for all the technical processes in your renovations, this includes obtaining the right building permits, ordering materials, and hiring staff, so it is vital that you find the right contractor. Signs that a contractor is right for your commercial remodeling project include:
- The contractor has experience in projects like yours.
- They have a series of references that offer good reviews and work records.
- The contractor has the right license and insurance.
- They offer you realistic cost quotes.
- They have a team that is large enough for your project.
Making sure you find the right contractor for your project is essential for success, so make sure to take this step seriously.
Identify the Need for Experts
While the contractor and their team should be able to handle the majority of jobs, some will quite expert help. For example, if you plan to replace or renovate your commercial property’s roof, you should hire an experienced commercial roof contractor. Hiring experts is essential to ensure the safety of your building and long-term return on investment.
Moving Into the Design Stage
Once you have completed all of the previous steps, you will be looking to begin the design stage. At this stage, you should be looking to finalize your contracts, obtain equipment and materials and then start your renovation project. Make sure to communicate with your contractors and experts and stay up to date on the progress of your renovation to ensure everything continues to run as you expect.