Be it an investment property or commercial space, no wise business person or property manager would not want to sell it at an insignificant marginal profit, let alone a breakeven price. Even if you do not intend to sell your commercial or industrial building in the future, the price at which it is reflected in your financial statements will tell a lot about the total worth of your business, ultimately impacting its goodwill.
As commercial construction and renovation contractors, we believe that a commercial renovation project, beyond doubt, is an excellent investment, promising fruitful returns in this regard. We know a commercial building renovation is a significant investment that one must make with great caution and care. However, they also have the potential to deliver substantial returns.
With the right strategy and approach, smart renovation investments can drive growth, improve operations, and enhance the overall value of a property. Beyond doubt, maximizing the return on investment (ROI) from these projects is critical for the success of businesses in today’s highly competitive business realm.
Also Read: Why Should You Renovate Your Retail Store In 2023?
In this blog post, we will explore the steps businesses in Edmonton must follow in order to maximize ROI through smart commercial renovation investments.
Step 1 – Understand And Clearly Define Your Investment Goal
This step will help you clarify your vision, align expectations, and set a clear direction for the project. It involves identifying the primary outcomes you hope to achieve through the renovation project, such as increased revenue, improved efficiency, enhanced customer experience, or boosted property value.
Likewise, you also need to identify the metrics you will use to measure success. For example, if you want to increase revenue, you may track metrics such as foot traffic, sales, and customer satisfaction.
You will also need to evaluate the potential return on investment of the project to ensure that it aligns with your investment goals. This includes estimating the costs and potential benefits of the renovation, as well as the timeframe for achieving a return on investment.
Taking the time to understand your investment goals and metrics will help you make more informed decisions about the feasibility and desirability of the renovation project, as well as effectively communicate your vision to stakeholders.
Step 2 – Evaluate The Costs And Benefits Of The Renovations
The second step involves identifying areas needing renovation or improvement, understanding the existing infrastructure of the property or space, and evaluating the costs and benefits of potential renovations.
By conducting a thorough assessment, you can develop a more comprehensive and accurate renovation plan. This step will also help you identify any potential limitations or obstacles that may affect the feasibility of the renovation project. Similarly, by understanding the existing infrastructure and evaluating the costs and benefits of potential renovations, you can make more informed and data-driven decisions about the scope and budget of the renovation.
As construction and renovation partners, we work closely with the property owner or manager to develop a comprehensive renovation plan that aligns with the client’s investment goals and maximizes the ROI of the project. We provide our clients with comprehensive pre-construction consulting services, which include but are not limited to goal analysis, cost estimation, and developing a detailed renovation plan.
Step 3 – Identify Funding Sources And Take Advantage Of City Grants And Incentives
Why bear the full renovation cost when the City of Edmonton offers excellent matching Business Improvement Area grants for building renovations?
One such grant in Edmonton is the Storefront Improvement Grant, which covers up to 50% of the renovation costs for eligible businesses to improve the exterior of their storefronts. By taking advantage of grants like this, you can either cut renovation costs or stretch your renovation budget further and achieve a higher ROI.
Partner with BelVan Construction today to ensure your renovation projects meet the eligibility guidelines after completion.
Step 4 – Hire A Qualified Commercial Construction/Renovation Contractor
Trustworthy and reliable commercial renovation contractors take every possible measure to work in the best interest of a project owner. As a result, they work to maximize the ROI and the value created. Contrarily, working with an unreliable commercial contractor may result in costly delays and potentially substandard work.
When choosing commercial renovation services, be sure to research and compare different companies. Look for contractors with a proven track record of successful projects and positive reviews from previous clients.
About BelVan Construction
With thousands of satisfied clients and counting, we stand as one of the most trusted and sought-after construction and renovation contractors in Edmonton. Boasting a proven track record and all the necessary accreditations, we proudly present our comprehensive list of commercial construction and renovation services under one roof. Learn more about BelVan Construction.
Want to maximize the ROI for your next project? Contact us now.
