A poorly designed restaurant, an inefficient retail shop layout, or an old and energy-inefficient office can drive away your customers, decrease your business’s performance, and increase your energy bills. These are just a few reasons why people choose to renovate their commercial buildings and why you should hire a competent contractor today to help you redesign your old and outdated facility.
When you want to stand out from the crowd and attract more customers than you’re doing right now, it is important to make sure that your building’s architecture is updated. You must ensure that you have revamped the place according to modern needs. Although doing so will seem like an unnecessary expense, once the project is done, rest assured that its payoff and ROI will be way more than one would expect.
In this blog, we mention some of the ways you can maximize the return on investment of your commercial renovation project.
Hire An Expert
The first step to maximizing the value of your renovation project is to hire a professional and experienced commercial general contractor. Reputable contractors have a team of experts that work with them. Such skilled workers can ensure your project’s success and are, in fact, paramount for having good construction work. They will not only make the project successful, but they will also ensure that you get your money’s worth.
A good contractor will plan, oversee, manage, and lead the project from start till finish. At BelVan Construction, for example, we start by working with our client’s design team during the design phase and work all the way through to construction completion. This allows us to collaborate with all the parties involved effectively and gives us a better chance to understand our clients’ needs.
Create A Plan
Having a clear view of what you want from your renovation project could be a game-changer in maximizing your ROI. You can do this by creating a plan and letting your partners and contractors in on it.
Knowing the plan and your project’s direction will allow you to gather your thoughts and become specific about your preferences before the project begins. This way, you will not have to make constant changes to your project and spend more money every time you make a change. It will also help ensure that your money does not go to waste.
Some of the things you need to consider while planning include:
- The goal of the project
- The number of calculated years to achieve ROI
- The timeline of the project, and
- The budget for the project
Going green means saving electricity, water, and other non-renewable resources. Excessive use of these resources in commercial buildings generally leads to huge energy bills. However, if you address this issue alongside your remodeling, it can save you thousands of dollars every month. Apart from that, going green will also help attract eco-friendly clients to your business.
Some environmentally-friendly building features that you can incorporate into your building through a renovation project include:
- Installing energy-efficient HVAC systems
- Improving your old HVAC system, so it consumes less energy, for example, by insulating or replacing ducts to prevent air leaks
- Installing low flow plumbing systems
- Replacing old windows with new, energy-efficient windows that can prevent energy loss
- Installing cool roofs that reflect sunlight into the atmosphere and reduce the building’s interior temperature
Add Efficient Structural Features
Upgrading aesthetics, adding safety features, and improving space efficiency can significantly increase ROI on commercial renovation projects. Updating these features can help your business appear more successful and can help improve traffic flow to your business. It will also help your employees do their jobs more effectively, ultimately making your business more productive and profitable.
You can upgrade your business’s aesthetics by changing your wall paint, carpets, old fixtures, and more. To improve safety and space efficiency, you can do the following:
- Install better lighting
- Widen hallways and walkways
- Improve your HVAC system
These are some of the ways you can maximize ROI on your commercial renovation project. For more information about Belvan Construction, click here.