8 Tips To Prioritize Your Commercial Renovations On A Tight Budget
Commercial renovations projects can be expensive. If you are on a tight budget, then you may find it rather difficult to make the necessary changes and upgrades to your property. Therefore, it is important that you make the best decisions on moving forward with renovations.
Renovations will obviously be different from project to project and business to business. However, depending on your business and your circumstances should dictate your approach on proceeding with commercial renovations.
Overview: 8 Tips To Prioritize Your Commercial Renovations On A Tight Budget
In this blog, we will discuss 8 tips to help you prioritize your commercial renovations on a tight budget.
1) Identify What You Need Done
2) Address Building Violations First
3) Phased Construction
4) Do What Matters Most
5) Sustainability Upgrades
6) Hire The Right Contractor
7) Determine If It’s the Right Time For Renovations
8) Do It All At Once
1) Identify What You Need Done
Let’s be honest, not everything is important. Therefore, you should prioritize what really needs to be addressed immediately in your renovations and which can wait.
For example, a weakened ceiling may provide a safety hazard and an immediate attention of the business. While new paint or updated lighting can be put on hold.
If you are unsure what needs to take priority, then you should make a list ranking concerns from most important to least important. Your decisions should be based off the needs of your business to help you fulfill your business goals.
However, it is important to also consider which renovations will cause the most disruptions to your business operations. If multiple concerns in the same area will cause disruptions, then it is more practical to address them all at once rather than multiple times.
2) Address Building Violations First
One thing you cannot avoid is the law. Building codes, ADA Compliance, and Seismic Retrofitting, need to be addressed in your commercial renovations.
Building codes are developed to help buildings and structures to meet a certain standard of safety, accessibility, and usability. There are many building codes, and they are constantly changing. If your building has not been recently renovated, then more than likely you will need to address certain building codes.
ADA compliance is the requirement of making your property readily accessible for all individuals regardless of limitations. As a result, if you have a restroom without railings or proper spacing, then you will have to fix that first before addressing other concerns. Other common ADA compliance upgrades that are needed in commercial businesses are in the common areas, walkways, entrances, and parking lots.
Seismic retrofitting is a requirement for all California’s buildings. Depending on your building such as the type, size, and complexity, will determine which standards and obligations a building will have to meet. Ultimately, seismic retrofitting mandates require buildings to reinforce their structures to sustain earthquake activity.
If you avoid any of these laws when renovating your business may result in fines, liability, and possible a shutdown, until your property is up to code. Therefore, we recommend you address these issues first.
3) Phased Construction
If you are on a very tight budget, and the cash flow is nonexistent to make all your desired renovations, then we recommend phased construction. Phased construction enables businesses to renovate their businesses in steps. As a result, businesses are allocating all of its resources straight into an entire project but in intervals.
However, phased construction does cost more in the long run. Due to the process of hiring a contractor again and again for each renovation. Which will require the prep time and set up of each project rather than doing it all at once. Contractors will also mark up smaller projects at a higher rate than larger ones.
4) Do What Matters Most
Think about what you want to achieve for your business. If you are on a strict budget, then spend your money wisely on what will have the greatest impact on your business.
For example, what will draw in more business and attract more customers to your business? Perhaps, you may want to do preventative maintenance to prevent larger future expenses.
Nevertheless, your decision on selecting what matters most to your business should be strategic.
5) Sustainability Upgrades
For those of you that are operating on a strict construction budget, then you may be able to save cost in the long run to offset the renovation expenses. One way to do this is to limit the amount of money spent on utilities.
For example, the installation of an upgraded HVAC system that improves air circulation. The installation of more installation will provide the building with better heating. Creating a reflective roof can save money on moderating the temperature of the building.
Businesses can save more on power with censored lighting and more efficient light bulbs. Windows can be installed for more natural lighting.
Ultimately, there are many techniques you can use to alleviate your utility expenses to help offset your investment on renovations.
6) Hire The Right Contractor
One of the main influential factors of working on a budget is to hire the right contractor. The right contractor should be licensed, insured, and bonded. In addition, they should have experience doing commercial renovations for business similar to yours.
To get a fair market value bid and to avoid being overcharged, then you should receive at least 3 bids. Be sure the provide contractors with accurate information on the projects scope of work, expectations, and deadlines.
Despite working on a budget, you may not want to always go with the cheapest contractor. A very cheap contractor can actually be a red flag and be a bigger financial risk than your investment into a commercial renovation.
Hiring a right contractor for a competitive price is your best option of meeting your project on a tight budget.
7) Determine If It’s the Right Time For Renovations
Sometimes it may not be the right time for renovations. Your business may be in its peak time in traffic or construction prices are hire. Nevertheless, you should conduct research and use your best judgement prior to proceeding with a renovation project.
8) Do It All At Once
Believe it or not, doing your entire renovation project all at once will be cheaper overall than breaking it into sections. So, if the bottom line of the project is what matters most for you, then we recommend you do it all together.
Doing it all at once makes it easier and more convenient for commercial construction companies to renovate your business. It will also enable the project to be completed faster.
Summary: 8 Tips To Prioritize Your Commercial Renovations On A Tight Budget
Eventually, every commercial property will need to be renovated sooner or later. Certain properties need to become more compliant to laws and others need to be more suited for the businesses that operate in them. Nevertheless, commercial renovations can be done on a tight budget.
There are many strategies to limit the amount of money you will have to spend on a commercial renovation, which will depend on your business and circumstances. We recommend you follow our 8 tips to put your business in the best position on renovating your commercial property on a strict budget.
If you are interested in working with an experienced commercial construction company, then partner with JMF Commercial Construction to get started today.
Partner With JMF Commercial Construction
JMF Commercial Construction is an experienced licensed contractor serving commercial and light industrial businesses, and HOA Property Management. We provide convenient and quality services to the Los Angeles & Orange County businesses.
To start your next commercial construction project today! Contact JMF Commercial Construction for an Estimate.
Email us at info@jmfcommercialconstruction.com or call us at (562)572-8354.
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