Your business has been doing pretty well lately. So well, in fact, that you think you can finally afford a commercial renovation. But as you start brainstorming commercial renovation ideas you start to wonder about the return on investment.
“Should I be doing a commercial renovation right now? How do I know the ROI will be good?” We hear you. All your renovation ideas won’t matter unless you know they’ll help your business. So if you’ve been wondering about the ROI of your possible renovation, read on.
Is It Worth It? commercial renovation
While there is no one set formula for figuring out the ROI on a commercial renovation, there some things you can do. Like:
- Set Goals
- Do Your Research
- Get Renovation Bids
The beauty of setting renovation goals and researching them is that you’ll be less likely to overspend, which can really upset your ROI.
The first step in any renovation is to set your goals. What end is the end game of your commercial renovation?
Is it to attract better employee talent? Are you looking for certain clients?
Or are you just wanting to update the building for efficiency? All of these are great reasons to renovate. But the ROI won’t be much unless you have a set focus.
So take some time and really consider why your renovating.
The next step in determining your ROI is to look for renovation ideas that match your goals. For instance, let’s say you want to update the look of your office and increase productivity. Why not try adding nature views? All you have to do is add some large windows to let in sunlight and allow people to see the green of nature. It’s a commercial remodeling trick so effective that business magazine Fast Company even wrote about it.
Or maybe you’re looking to update the safety or the building’s accessibility to make it easier for clients to use enter or use the restroom? Try adding in a wheelchair ramp for better front door access. Whatever you choose to do, now is the time to research what will make the most sense for your goal.
“But what if I’m not sure what will work?”
Good question! If you’re unsure which of your ideas will work, consider working with an architect. They can take a look at what you want and help you figure out which ideas are best. Plus, they can ensure that your renovation won’t feel out of place with the rest of the building. Even better, they can draw up clear plans for your contractor to follow so there’s no mistaking what you want.
By now you should have a pretty solid plan for your commercial renovation. Here is where you’ll get bids from contractors.
“But how will I know their price is fair?”
By getting as many bids as possible and comparing them. The prices should be pretty close in number. If one sticks out as too low you know they’re cutting corners. If one bid is terribly higher than the rest, you can bet that contractor is overcharging. Not to mention that with the way tech is these days, contractors can get pretty accurate cost estimates.
NOTE: Get everything in writing. No matter what plans you use or who you hire as your contractor, get it all in writing. This will give you something to refer to should problems arise.
Ways to Increase Your ROI
If you’re still deciding what to renovate and really want to up your ROI, consider these factors:
If we’ve talked about this subject before, we had a good reason. Adding safety and accessibility features can lower the rate of accidents and increase clientele. You don’t want clients to avoid your business because you don’t have the right access ramp or easily accessible bathrooms. You also don’t want them to avoid you because they see your building as unsafe.
“Updating your office is a perfect way to boost your ROI because it can attract new customers.”
Do you have chipped paint? Outdated bathroom fixtures? Updating the look and feel of your office is a perfect way to boost your ROI because it can attract new customers. If customers come in and see outdated carpeting or curtains they’re likely to think you’re outdated as well. But if they see an updated office with a modern look they’ll see you as modern, too.
The beauty of updates is they don’t have to be huge. It could be as simple as updating things in the bathrooms or touching up paint. You could even repaint in a light color and then add punches of vibrant color to give things a fresh new look.
“What if I’m thinking of moving?”
Updates are perfect if you’re moving. We all know that an updated office snags a better price than an outdated one. So if you’re moving, think about incorporating current office design trends in your renovation.
One of the best ways to increase your ROI is to boost productivity. This means focusing your commercial renovation on things that make it easier for people to work. The window suggestion from before is a great way to do this. Not only do large windows bring in more natural light, but natural light is also known to make people happier. It’s why people with seasonal depression are told to get as much natural light as possible. Natural light helps us produce the chemicals that us make happy.
Another thing you could do is add quiet rooms. Open offices are great for sharing ideas, but sometimes people need to concentrate. Giving people a quiet space to do that can increase their production, which increases your earnings, which increases your ROI.
Hire Everhart Construction for Your
Commercial Renovation Today!
Everhart Construction employs design consultants and not just order takers.
When a design consultant arrives at your office they’ll discuss your project in length to get a good understanding of what you are trying to achieve with your commercial renovations or commercial buildout.
Our contractors give excellent advice on what’s best and help you get the commercial buildout you’ve always wanted.
If you’re considering a commercial remodel, call 713-461-4434 or click below to get started today!