When you are planning on starting a new business or opening a commercial space, you can either:
- Purchase land and go for new construction or,
- Invest in an already constructed commercial space and renovate it according to your needs.
Whatever you choose will have a significant impact on the final budget of your project, the time it will take to complete, and the results you will get.
Many business owners, while starting their project, are usually uncertain about what option they should choose. The approach that you go with will ultimately depend on your goals and the functionality of the structure you want.
To help make the decision easier for you, we have compared the two based on three important factors: cost-effectiveness, project duration, and results.
However, it is important to remember that nothing is more helpful than having a face-to-face conversation with a construction consultant. Thus, after going through this blog, you are advised to talk to a consultant who can give you an honest and viable solution to the issue at hand.
In most construction projects, the budget and cost are the most influential factors. Most of the decisions you make are based on the cost-effectiveness of the approach. Who doesn’t want to get the most out of the money they spend?
When you are choosing between renovating an already existing building or moving ahead with constructing a new building for your requirements, the decision almost always comes down to which one is more financially viable and cost-effective.
While reading this, you may be thinking that renovation is obviously the more financially viable option. However, you would be surprised to know that in some cases, it is not. Buying a fresh plot of land and getting a new building constructed definitely appears to be the more costly option but there are some instances where it is not. Nevertheless, new construction is definitely more work and there are many things that need to be looked after.
You will have to go through all the design development, permitting, site work, installation of utilities, dealing with contractors, and the construction of the foundation. This process entails a relatively more complex scope of work.
Compared to this, the cost and work involved in renovations will depend on the structure of the building you purchase. You will be responsible for upgrading the structure and bringing it in accordance with safety and health codes. Renovation is definitely simpler, less time-consuming and often less heavy on the pocket. It is important to understand that the cost of the renovation will depend on the type of structure, its quality and age.
Duration Of The Project
Project owners are often in a time crunch and need to get things done as soon as possible. In situations like these, going with renovating an already constructed building is likely a better choice.
Due to the extensive amount of work needed for constructing a new project, new construction takes more time. As mentioned, you are responsible for several complicated tasks that have to be done in the best possible way to prevent issues from arising in the future.
With renovation projects, since you are not starting from scratch, it is quicker and less extensive. Moreover, if you take on the project of renovating older or historical buildings, you usually end up with something unique and one of a kind.
The budget and time duration of the project plays a crucial role, but in the end, almost all construction projects are result-oriented. Of course, new construction gives you more control over the results.
However, the faster results you get with renovation projects are not something that you can usually achieve with new construction. Like with new construction, you can still design the functionality of the building as well as its aesthetics.
You can move walls, add to the structure, and create the vision that you started the project with. Nevertheless, it is always good to contact your consultant before making a decision.
BelVan construction is a premium construction company in Alberta, Saskatchewan, & BC. We are qualified commercial general contractors based in Edmonton. We have offered various business experts general contracting, project design-build, pre-construction consulting, and construction management services since 2011.
Right from the start, our primary focus has been on providing our customers with premium yet affordable construction and renovation services in a respectful, responsible, and reliable manner. In each of our retail construction and renovation projects, our goal has been to make the clients’ needs our top priority with a commitment to providing excellent all-around service.
To get in touch with Edmonton’s leading commercial general contractors to build yourself an effective and productive commercial space, click here.