If the time has come for you to upgrade your commercial building, you have an important decision to make. Should you build a new space or remodel your existing structure? It’s a question many business owners end up asking themselves, but one that isn’t particularly easy to answer. We’re here to help you make the best decision you can for your business! Here are 10 things to consider when deciding to build or remodel in the commercial construction industry:
1. Assess the Current State
The first step you should take when deciding whether to build or remodel is to assess the conditions of your current property. Specifically, look at your building’s foundation, structure, plumbing, electrical systems and its functionality to determine your next step. If your property has significant issues — for instance, structurally, foundation wise or those related to water damage — rebuilding could be the smartest and most cost-effective option. If your building is in good shape, perhaps remodeling makes more sense.
2. Consider Your Goals
What is it that you want to get out of your new property? What image are you hoping to portray to the community? Your specific goals can help direct your decision when it comes to building or remodeling your commercial construction project. If you enjoy your current building, and it’s mostly in working order, but you want to update its look, remodeling is often the way to go. If you’re looking for a whole new look that you can create from a blank slate, building could be the choice for you.
3. What’s Your Budget?
While generally speaking, building a new structure is more expensive than remodeling, that isn’t always the case. It all depends on the scope of what’s required if you do indeed decide to remodel. That makes it crucial to set your budget early in the planning process. That will allow you to make sure you make the smartest decision. Get quotes for both a new build and a remodel before coming to a final decision.
4. Consider a Timeline
How quickly do you hope to be able to move into your new or updated space? A new build typically takes longer than a remodel as ground-up commercial construction projects are typically more complicated with more steps required. The benefit of a new build is that you can continue business operations in your existing space, rather than potentially having to shut things down, or at the least experience workplace interruptions, for parts of a remodel.
5. Evaluate Any Restrictions
Zoning and permit requirements in your area can play a factor in whether you decide to build or remodel. Zoning codes can limit the changes you’re allowed to make to your building during a remodel. If that’s an issue, building may make more sense. It’s important to understand any limitations as well as possibilities that both options present.
6. Keep in Mind Environmental Impact
How important is it to you and your company to be environmentally friendly? Both new construction and renovation can reduce carbon emissions by utilizing eco-friendly materials and systems. For instance, our partnership with Kirby Building Systems allows us to provide steel building systems made from more than 70% recycled steel. Remodeling can help to cut down on the amount of waste and debris that is transported to landfills.
7. Return on Investment
One of the most important things to keep in mind as a business owner is your potential return on investment. A new facility can appreciate in value over time which could help you turn a profit if you decide to sell it later down the road. Whether you decide to build or remodel, you should aim to both increase productivity and interest in your business, helping you achieve a higher return on investment.
8. Financing Considerations
Potential financing options can impact the direction you take. While new construction tends to cost more, it’s typically easier to secure a loan than it is for a remodel in the commercial construction industry. Be sure to thoroughly explore all your financing options for both choices to find the best option and avoid the extra stress that comes with financial concerns.
9. Location
Is your current space in a high-traffic area that lends itself to more visitors? If not, you may want to consider new construction in an area that could be more beneficial and visible for potential customers. Look to build in an area that is home to complementary businesses that can drive more folks to your company. If you’re happy with the location of your current space, remodeling could be the way to go.
10. Design Flexibility
Choosing to renovate may present some design challenges or limitations when it comes to the existing infrastructure. If that’s the case, it could limit your creative freedom. Certain ideas you have for what a fresh building should look like may not be possible. In those circumstances, a new build may be a better choice, allowing you to turn all your ideas into reality.
Keep these factors in mind when making the decision to build or remodel in the commercial construction industry. Think renovation may be the right choice for you? Learn about the benefits of a commercial remodel for your business!
