Most businesses want a return on their investment for every project they undertake. Minimizing the cost of these projects often translates to a higher return on investment. This is why business people often ask how much a renovation project will cost as well as how they can save money on it. Here are some ways to save money on a commercial renovation project.
Hire the Right Contractor
Hiring the contractor might increase the project’s cost, but only temporarily. Hiring the wrong contractor means you are likely to deal with issues like sub-par quality of work, missed deadlines, delays, and even legal liability in the future. A reputable contractor works with their client to ensure all projects go smoothly. These can translate to saving both time and money, now and in the future.
Additionally, reputable and experienced contractors can also point out areas where their clients can save money.
Have a Budget
One of the best ways to avoid overspending is to have a budget and stick to it. A detailed budget ensures that your priorities on areas where you want to spend money are adhered to. If you or the contractor have to go above the budget, ensure there is a good explanation for it.
Use the Right Materials
Labor and materials are the most expensive parts of a renovation project. It therefore follows that reducing the cost of either or both of them can significantly reduce the cost of commercial renovations. When it comes to materials, contractors and property owners have to think about the weight of the material, how easy it is to transport and work with, and how much wastage there will be when doing the renovations.
Materials like thin stone veneer fit best because they can be cut to the right size, thereby minimizing wastage, and are light enough that their transportation costs are relatively low per unit transported. All of this means that commercial renovations using thin stone veneer are often much cheaper, usually by as much as 50% than renovations done using other materials such as full stone veneers.
Embrace Wireless Technology
If you are renovating an office, consider going with wireless technology. Going wireless means you do not have to think about providing cabling for employee workstations. Although the business will have to find a reliable wireless plan and invest in the right equipment, the lower cost of the overall project will be lower due to the reduced or non-existent cabling cost. Also, savings on maintenance costs in the future will more than make up for these investments.
Reuse Where Possible
New is not necessarily better when it comes to commercial renovations. There are several features that can be reused if they are in good shape. HVAC system ducts, vents, and mechanicals may still work while hardwood flooring can be reutilized using the right techniques. If there are furnishings that can be reused, consider doing so.
There are lots of strategies that businesses can employ to cut their renovation costs. However, hiring a reputable contractor and finding areas where the business can save money during and after the project works really well.