Commercial Property Renovation
Renovation of commercial properties helps enhance the value of your property – whether by raising the rental income, improving its appeal or making it more suited to your business needs. Investing in commercial property renovation requires a keen eye to get the best returns.
Here are five basic tips for a smooth sailing renovation:
- Find a good, reasonable renovation company. Make sure that you spend a reasonable amount for the renovation company that you will hire. A high price for an expensive renovation company can very well eat into your profits. Ask for estimates from a few renovation companies before you decide on which one to choose. A project budget should be thoroughly considered and reviewed.
- Fix a realistic budget for the renovation. Usually, renovations cost more than the initial estimates, so set a buffer. In addition, set a buffer for your timeline as in most cases, the deadline for completion is usually flexible due to unforeseen reasons. Naturally, it is a wise decision to hire a reliable, experienced and dependable contractor with a good reputation and more often than not delivers on schedule.
- Consider the tenants. If you are leasing out your commercial property, consider the possible tenants. The kind of tenants can mainly be determined by the location of your property.
- Safety first. As with any commercial spaces, you must comply with the standard safety requirements set by authorities. Make sure that you have fire extinguishers installed in strategic areas, emergency exits, child and senior citizen friendly stairs and flooring, and adequate lighting.
- Don’t get too involved in the renovation project. Most commercial property owners get too involved in the renovation project that at times, it gets too annoying for the renovation company. Since you will most likely not be the one occupying the premises, it would be better not to go with what you want, but rather, what your tenants might want.