6 Tips For Estimating And Controlling Commercial Renovation Costs

Every store or property undergoes renovation at some point in time. Whether you do it to upgrade systems or update fixtures, the most difficult part is planning the store renovation cost. There is no simple formula and you need to look at several factors before you can arrive at an estimate. 

A commercial contractor spends time understanding various elements to determine the cost. These include location, building use, building codes, historic district compliance, number of disciplines required, as well as current market factors. 

While outside factors help you determine the cost of renovation, there are ways by which owners can better manage the budgets. Here are 6 tips to help you control commercial renovation costs:

1.     Plan Ahead

Many owners plan renovations when the space develops critical needs. This is not a good idea. Waiting instead of advance planning can lead to the difference between just a re-paint job or replacing walls completely.  Planning ahead can make a big difference.

2.      Avoid Surprises

No building owner enjoys an unpleasant surprise after the renovation has begun. While there are some unavoidable surprises, most can be prevented with proper planning and due diligence. If you carefully assess the property’s condition, you can avoid overshooting the budget.

3.      Obtain Accurate Requirements

It is important to establish project needs in detail right from the beginning. Knowing how the special layout is going to change and keeping in mind its current and potential uses will lead to an accurate cost estimate. 

4.       Choose the Right Materials

Renovation expenses are just a part of the entire project. Sometimes, the right materials cost a lot more but result in long-term savings depending on use. Conversely, sometimes you can easily avoid the use of expensive material.

5.         Consider the Life Cycle of Building Systems

Electrical, plumbing, heating, and air-conditioning systems have a natural life cycle. Take into account the Expected Useful Life of these devices to determine the replacements you need to include in your renovation project. 

6.           Partner with the Right Renovation Expert

A good renovation partner is critical. Cornerstone has deep expertise in renovation and can offer an accurate estimate for renovation costs.