The goal of every business is to grow and expand. When that happens, it might come with additional responsibilities like building a new workspace or renovating the existing space. Whatever a company chooses to make, it is vital to remember that it will require a specific budget and expense. In addition, building new construction or making a renovation both have imminent advantages and disadvantages. However, both are a form of commercial building construction and can yield a high return on investment in the long run.
Most people might be confused about the decision to make. For example, you might be thinking of the factors to consider that will make you arrive at a sound conclusion that will benefit your company. Factors like sustainability, timelines, and budget must be considered when deciding. Hence, we outline why you need to consider these factors and how they can influence your conclusion.
Factors to Consider
Knowing the factors to consider and weighing the options will help businesses make the right choice to fit the company’s needs.
- Budget: Most people might agree that the renovation of a structure is less expensive than building a new one. But we say it depends. If your building is an old structure, it might require extra effort and expenses to upgrade the standards entirely in terms of the building materials, the floors, and the roofings. In fact, the building permit and codes might need an upgrade, all of which may be more expensive than starting afresh. Hence, to make a good decision, you may have to request the cost quotes, compare and make a decision based on the budget you have at hand.
- Return on Investment [ROI]: Getting ROI on the money you invested in either renovation or new construction depends on what your company does. For example, renovation by upgrading the standards of the building and improving the customer service may be beneficial for some, while changing the overall theme and starting afresh might be an excellent idea for another company. So, consider which option will best serve your company’s immediate needs and will still give the desired ROI.
- Building Timeline: Time constraints also need to be considered. A renovation project may be completed in a couple of weeks or months. Still, it might affect the daily business flow because the work will be done at the exact location of the business activities. On the other hand, a new building may take months or years, but it is beneficial because it will not affect the business. Staff may only need to transition to the new location when it is completed.
Choose Sustainable Construction.
Weighing your options can be easier with the assistance of experienced contractors that can provide quotes to compare your budget and expenses and evaluate if your choice is sustainable. Phi International Inc can help in that regard. We are top builders for commercial construction and can remodel your building to a high taste. In addition, you can be sure of excellent service from our broad team of workers, including architects, engineers, project managers, and crew forepersons. So contact us today and get started!