You’ve worked hard and you are seeing the results. Your business is booming and your current facility is not large enough to adapt to the growth spurt. Some companies find it easier to pack up everything and relocate to somewhere else. This can be both daunting and exciting. While others prefer to creatively work with what they’ve got and renovate. This is equally exciting and scary too. But what if relocation isn’t an option, instead you have to decide between commercial renovations and building your workplace from the ground up. What would you choose? The best place to start, is to list the pros and cons of each option and then decide on a course of action that best suits your business needs.
There are plenty of reasons why business owners would want to renovate and extend their property rather than rebuild a new structure completely. To renovate you will need to demolish and rebuild certain parts of the structure, to add further function and purpose to the space. Whereas ground-up constructions would mean building your new workplace from scratch, with no pre-existing frameworks to work off.
- You’re happy in your current area. You don’t want to move and your clients know where to find you.
- It’s prime real estate, and with the renovation, the value of your property will increase.
- Depending on the extent of the renovation, you may still be able to work from your building, while construction is being done. This can alleviate the burden of having to rent out workspace and spend more money.
- Renovations mean your construction time will be cut down extensively. Whereas with a ground-up construction it usually takes much longer.
- If you can’t continue working from your space while renovating, you will need to spend money renting a temporary office. This may prove costly, when you’re on a tight budget already.
- While renovations are usually cheaper than ground-up constructions, often with older structures you may find that during your remodel, pre-existing problems may rear its ugly head and cause you to spend even more money than previously expected.
- You are more bound to pre-existing layouts and architectural frameworks. You can only do so much with what you have, this may mean that you will need to compromise on some of your dream looks and ideas for the space.
Often the need to build from scratch is out of necessity. Maybe you cannot do a commercial renovation in your area because it’s simply not big enough. Or maybe you cannot find the perfect fit with existing properties. Whatever the reason, custom building your workplace can be challenging and rewarding.
- You have a blank canvas. You can dream up your building and be as detailed and pedantic as you please. Or as creative and innovative as your heart desires because you don’t have a pre-existing framework or layout to stick to.
- Your building will not only be custom built to suit your business’s function and purpose, but you’re also creating additional spaces. Your building can be something that will grow with you in the years to come.
- A new building means you will have access to the latest technology and building techniques that may make your structure sounder than the older buildings in your area.
- If you’re environmentally conscious, you can design and build a green structure. This way your workplace will not only be an enjoyable place to do business, but it will also help to make the world a better place.
- Unlike renovations, ground-up constructions take time. You will need to get plans drawn and passed by your municipality, you’ll need building codes and permits, and after hiring all your construction experts – then you will finally get to the actual fieldwork.
- The projected cost of the build along with the cost of renting temporary workspace for the duration of the construction can prove extremely costly. That’s excluding additional and unplanned expenses, which may occur over time.
- Stress. Whether you would like to admit it or not, taking on the mammoth task of a ground-up construction of one’s business, can be enormously stressful. While there may be light at the end of the tunnel, often the journey can be a bumpy ride.
Either way you slice it, commercial renovations versus ground-up constructions, is purely a matter of cost and choice. Your business has grown because you have made great decisions in the past and we know that when you’re presented with this specific building dilemma, you will need to be well-informed to make wise decisions again that will propel your business forward. Continue to way up the pros and cons of each option, and should you need any more advice, feel free to contact us for a consultation. If you are looking to complete some commercial renovations the team at Miller Construction & Design are ready to help!