Understanding The Cost of Commercial Upgrades
Upgrades to commercial buildings are often necessary to keep the building safe and to retain tenants. However, these upgrades usually require a significant amount of investment up front. This investment can pay off dramatically in the long run, but it’s still important to understand the cost of these upgrades and what they entail. Here’s what you need to know about commercial upgrades and what to expect financially.
Common Commercial Building Upgrades
There are a variety of different upgrades that are common for commercial buildings. The cost of a remodel will ultimately depend on the type of upgrades that you decide to make. Some upgrades are simply for aesthetic purposes, such as updated paint colors, lighting, and fixtures. The cost of these types of upgrades will depend mainly on the materials you want to use and the complexity of installations.
Other building upgrades are for functional purposes. This could include things such as a new HVAC system or solar energy system, or even adjusting the layout and configuration of the building to make it safer and more accessible. These functional upgrades are often very costly but provide a huge return on investment by making the building more comfortable and easier for your tenants to use.
Pricing Your Commercial Building Upgrades
No two commercial upgrades are the same, which can make it difficult to predict exactly how much your project will cost. To plan ahead, you’ll want to accept proposals and estimates from contractors for your needs. Getting multiple estimates well in advance of the project will give you time to adjust the project to your budget and figure out what upgrade solutions make the most sense.
There are a variety of ways that contractors will estimate the cost of your project. If you’re remodeling an entire space, they might conduct the estimate in cost per square foot, whereas if you’re installing a new piece of equipment, that will often be priced as a flat fee. When pricing upgrades, contractors will consider the specific types of materials used, the amount of time and labor required to complete the project, and the complexity of the installation. You’ll also need to consider the cost of any additional permits or legal services you may need for these upgrade projects.
Commercial construction costs can also fluctuate over time as a result of a variety of external factors. For example, the cost of certain materials and technologies can fluctuate as a result of availability and the state of the economy, which affects the overall price of construction.
Your location can also affect construction costs. Because of this, very similar projects can have different costs based on when and where they take place.
Choosing the Right Commercial Construction Service
Investing in commercial upgrades is key to keeping your buildings safe and attractive for tenants. Planning and budgeting for these upgrades ahead of time will help the process go more smoothly. New Horizons Construction Services is a Florida-based general contractor that works on a variety of commercial upgrades, remodels, and new builds. If you’re interested in learning more about our services, give us a call at 407-574-2164.