When it comes to commercial property renovations, prices often vary depending on various factors. As the property owner, it is important to understand what can be reduced or eliminated through proper planning and management. To keep your costs down, there are several crucial renovation mistakes to avoid.
- To save money, property owners will wait until the last minute before they choose to renovate. Often times, this ends up costing more because the building materials become irreparable requiring a full replacement.
- Older buildings contain materials such as lead, asbestos, mercury, and other chemicals. These materials are regulated by the EPA as well as state and local ordinances, and a hazardous material survey may be required to identify and dispose them safely.
- Regardless of how well you plan, in construction, surprises are hard to avoid. It is important to add in 5%-15% of an allowance on the total project cost in order to stay on budget.
- While choosing inexpensive materials may seem like a good idea, they tend to quickly wear out thus requiring more-frequent maintenance, repairs, & replacement costing more over time. For high-traffic areas, one should choose more durable materials, while low-traffic areas, on the other hand may not require such materials. Prior to renovations, It is important to pre-determine how each individual space will be used and what needs to be installed in order to remain cost-effective.
- Building codes and laws are continuously changing, and they can raise costs significantly. By planning early, you can avoid changes or fees that may come with non-compliance.
- Each commercial building’s air conditioning, plumbing, and electrical systems have natural life cycles. By understanding the EUL of these components you can save in the long-term by replacing the systems when they are nearing the end of their life.
In the end, your renovation is only worth it if you team up with the right partners. It is important to hire a team of experts that have vast knowledge and experience within the industry and have the capability of completing the project in a timely and efficient manner.
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