Calculating The Cost of Commercial Renovations
As typically happens with growing companies, you’ll eventually need to expand your facility’s footprint. Calculating the cost of commercial renovations can feel overwhelming, as there is no single formula that can cover every minute detail of your expansion. Nevertheless, there are a handful of questions you can ask yourself to help you calculate the cost of your upcoming commercial renovation.
What is the size of your space?
This is the first question to answer when calculating your renovation cost. More often than not, contractors will calculate a cost per square foot. However, some larger renovations will be more complex than others. Likewise, there are other space-based concerns to keep in mind, such as your facility’s foundation and delivery needs.
What is the condition of your current building?
The second question to ask yourself surrounds the condition and quality of your current facility. Generally speaking, commercial buildings will be classified into three categories. Those are:
- Class A – These are often high-rise buildings and are often in the more expensive areas within your community.
- Class B – This class of building is your “average” facility, with fewer premium fixtures than Class A but is more equipped than Class C.
- Class C – Often, Class C buildings are in the lower-income sections of a community and will lack modernization. However, they frequently make good investment properties.
Where are you located?
Following up on that last analysis, location can affect other aspects of the cost of your commercial renovations. The most obvious is with land prices. The neighboring land and real estate around a Class C facility will often be cheaper. However, your renovations may also be affected by building codes within a specific jurisdiction. Those can vary even between neighboring communities.
Finally, labor pricing can have a small yet non-zero impact on your final renovation cost. This can range from travel expenses to the need to hire local subcontractors and more.
What type of building do you have?
Our earlier classification only briefly touched on the style of building you are currently using. However, whether you’re a warehouse, a multi-story building, a government entity, or in the medical industry can affect the cost of your commercial renovation. Regardless of your answer, the team at New Horizon Construction Service can handle any of these and many more!
What kind of materials will you be using?
Our final question to estimate your project’s cost is focused squarely on your choice of renovation materials. Quality materials are important, and we would never encourage a company to go with low-grade building supplies.
That being said, there is a difference between the types of fixtures you choose to install. Higher-end options will obviously cost more, but can potentially pay off with a better customer ROI.
A few other considerations
Just briefly, there are a few other considerations beyond our five questions that can affect your final project price. Those include:
- Community-specific building permits;
- Current national, state, and local economic conditions, and;
- The general market sentiment within your industry.
Contact our team for a full quote
As we mentioned earlier, these questions can help you get started with calculating the cost of your commercial renovations. Of course, the best way to get an accurate quote is to contact our team. We’ll go over your current situation, your needs, and each of the factors we reviewed today.
Are you ready to get started with your estimate? Then call New Horizon Construction Service at 407-574-2164 or you can request more info from us online.
