If you’re putting together a budget for a commercial remodeling project, you know that the task can be a challenge. For most business owners, a point-by-point, logical approach works best. Here are some vital steps to consider in creating your commercial remodel budget. We hope this information helps make your job easier.
Determine Your Goals
What is your primary purpose for the remodel? Addressing this question before you begin can help you gauge the scope of your project along with the extent of changes you can expect in your commercial structure. Once you pin down your goals, you can begin meeting with contractors for ballpark pricing.
Request Contractor Quotes
Don’t forget that different contractors will present you with their own unique ideas for your project, and some will hit your budget harder than others. To finalize your budget, you’ll need to talk with a variety of contractors to find the right partner at a price point that fits your available resources.
As you meet with contractors individually, ask lots of questions, and bear in mind that price isn’t your one and only parameter. You need a contractor who takes your needs into consideration, has innovative ideas, communicates well and has extensive industry knowledge. After you choose your contractor, try to nail down a more-precise estimate.
Build in Unplanned Expenses
Every commercial construction project will have some unplanned costs. In many cases, unanticipated expenses happen due to problems with building systems, including electricity and plumbing. Unexpected expenses also can occur if a business owner changes direction once remodeling has begun or if the owner wants more-expensive materials than planned. In either case, you’ll need to leave breathing room for such expenses in your budget by adding 10 or 15 percent to the quote.
Consider Business Continuity
As you embark on your commercial remodeling project, keeping your business profitable will play a key role in adhering to your budget. You’ll need significant cash on hand as the project progresses to cover expenses and keep construction going forward. Communicate clearly and often with your contractor to make sure you understand all the details of your commercial construction project, including where and when activity will take place. By knowing the construction schedule, you can create contingency plans for keeping your business open and serving customers for the duration of the project.
Be sure to let your contractor know if you do plan to keep your business open during construction and what limitations you can live with. By keeping communication open between the business and the contractor, you take an important step toward avoiding problems that can throw your budget off track.
Contact Construction by Daniels
At Construction by Daniels, we work with business owners to remodel commercial properties throughout Oklahoma and beyond. For a personal consultation about your commercial construction or building project, please contact us today.