Many new business owners are always looking for ways to save on upfront costs. One of the best ways to save money for your new business is to renovate a commercial building. But, how much does it cost to renovate a commercial building? Below are some elements to consider when determining how much does it cost to renovate a commercial building so you can prepare financially.
Fixing Your Windows
One of the first things you’ll need to factor into the cost when determining how much does it cost to renovate a commercial building is the cost of broken window repairs. Unfortunately, abandoned and run down commercial buildings are subject to looting, squatters, and vandalism. Consider asking about the cost of renovating your windows.
Some windows which are still intact might only need to be resealed and caulked before you’re up and running again. If you have older windows, you might want to consider renovating them completely and changing the style of your window to other styles, such as bay windows. Ask your local contractor about prices so you can plan how much does it cost to renovate a commercial building. Window replacements typically range in the hundreds of dollars for two or more windows.
Repairing Your HVAC
When determining how much does it cost to renovate a commercial building, you’ll also need to consider speaking with an HVAC company. Your HVAC system is crucial for helping customers and employees stay cool during the summer and warm during the winter. Just like heating oil deliveries for staying warm, you’ll not only need to repair your HVAC system, but also maintain it throughout the years.
Replacing your entire HVAC system can range in the thousands of dollars, especially for a commercial building. That’s because you’ll need to outfit the building with new ductwork, a central heating and cooling system, and more. You could also opt for cheaper heat pumps, which provide zoned heating and cooling. While heat pumps are a cheaper option, consider speaking to your team of potential employees about their preferences. You can also talk to an HVAC technician to get estimates on repairs.
Repairing Your Appliances
Before you proceed with your commercial building opening, you’ll also need to contact an appliance repair company when calculating how much does it cost to renovate a commercial building. Appliances include anything from the office refrigerator to mini fridges in your lobby, dishwashers, and sinks in your company office, and even laundry machines for a workplace lounge.
You’ll also need to factor in the cost of any new appliances you might need, such as a water heater, furnaces, and more. New appliances can help your business save on energy costs in the long run. Many commercial buildings have different appliances than residential homes, so factor in the cost of these commercial-grade appliances when repairing your building.
Emptying Your Septic
If your commercial building has sat abandoned, you’ll more than likely need to contact a septic cleaning company for help with your septic tank. Septic tank and sewage disposal is one of the many necessary costs for your business. Nothing is worse than not having clean water available. You could be subject to fines if you don’t take the time to clean your septic tank.
Consider calling a septic tank company and asking about how much does it cost to renovate a commercial building and its septic tank. You might be able to simply redo your plumbing. However, for more severe cases, you might need to consider septic tank removal and re-installation. Don’t take a chance and budget for septic tank and plumbing issues ahead of time. Unfortunately, installing a new septic tank can range in the tens of thousands, since you’ll need to dig up the old tank using heavy equipment. However, it’s worth the cost to prevent health issues and fines later on.
Cleaning Your Chimney
If you’re considering how much does it cost to renovate a commercial building, talk to chimney cleaning services beforehand. While most commercial buildings don’t have chimneys, you might have an oddity and have a chimney installed somewhere in your building, such as the front lobby or warehouse. You’ll need to make sure that your chimney is clean before you start using it again.
Cleaning a chimney can cost around $200 on average. However, the price can increase depending on the size of your chimney and how much soot or debris is inside it. If you need your chimney relined, expect to pay a few hundred dollars more. Luckily, many chimney companies offer discounts if you combine services. For example, you might be able to get your chimney cleaned for free if you also have your furnace or air conditioner serviced at the same time. Ask around for discounts and updated pricing for your commercial building.
Updating the Surrounding Property
Curb appeal is everything when it comes to attracting customers. For those wondering how much does it cost to renovate a commercial building, you’ll need to factor in the cost of landscaping renovation. For instance, consider asking how much it would be for tree trimmers to trim the branches around your property.
Tree trimming is usually around $400. However, if you need tree removal services, these services can often cost thousands of dollars. Fortunately, getting a tree removed is much better than letting the tree fall on your property and damage your building. If a company is already trimming trees near your commercial property, ask for a discount on tree removal. Additionally, check with your local city department and ask about permit restrictions or other items to consider with tree removal.
Repaving the Driveway
Repaving your driveway can help improve the overall look and safety of your commercial building. When visitors enter your building, a repaved driveway can be a good indicator that your business pays attention to small details. Blacktop services are a great way to improve your driveway and give it a fresh look. Resurfacing an asphalt driveway can cost around $3,000 on average. However, the price will differ based on the size of your driveway. For example, a small residential driveway might cost around $500 to repave. On the other hand, a long commercial driveway can cost upwards of $10,000.
Fortunately, many blacktop companies offer payment plans. You might need to pay a small down payment and then pay the rest over time. This can help spread out the cost of repaving your driveway and make it more manageable for your business.
Installing a Fence
Opting for fence installations is another great way to spruce up your commercial building. A fence can help keep trespassers off of your property and make it look more polished. Installing a chain-link fence is a popular option for businesses since it’s affordable and easy to maintain. The average cost of installing a chain-link fence ranges widely from $1,000 to $10,000. If you want to modernize your commercial building, you might want to opt for more modern fencing options such as concrete and metal.
When factoring how much does it cost to renovate a commercial building, consider the cost of fence installation services and consider where you’ll want to install your fence. For instance, will you need to install it around the entire perimeter of your property? Will you only need to install it around your parking lot? Speak with your team about the best places to have fenced off, and consider adding a security system to your fence as well.
Repairing the Roof
A commercial roofing company is an excellent resource that can help restore your roof and protect you against the elements. Unfortunately, not many business owners understand the importance of their commercial roofs. Unlike residential homes, most businesses have roofs made of metal, PVC, or other easy-to-maintain materials. However, these materials are still subject to damage and wear and tear.
When determining how much does it cost to renovate a commercial building, consider the cost of roofing. Repairing a roof might only cost hundreds of dollars for simple leaks and flashing. However, significant damage and total roof replacement can cost thousands of dollars. Talk to a roofing company to explore your options.
The lobby is the first area that visitors see when they come to your commercial building. If you have a dated or uninviting lobby, it might be time to renovate it. When planning how much does it cost to renovate a commercial building, consider the size of your lobby and what needs to be renovated. For instance, will you need new flooring? Will you need to paint? Will you need to replace any furniture?
Updating your lobby can give your business a fresh start and make a good impression on potential customers. You might even want to consider updating your lobby signage. New flooring can cost around $3 per square foot on average, while painting might only cost a few hundred dollars. Replacing furniture can be more expensive, but you might be able to find used furniture for a fraction of the cost.
Renovating the Break Room
Your employees spend a significant amount of time in the break room. If your break room is outdated or in disrepair, it might be time for a makeover. When planning how much does it cost to renovate a commercial building, consider which features you’ll want to add to your break room. A good break room can help improve employee morale and make your business more attractive to potential employees.
Some popular break room renovations include adding new appliances, installing additional counter space, and painting. You might also want to consider adding a coffee station or installing a mini-fridge. These renovations can cost a few hundred dollars or more depending on the scope of the project. For instance, installing an espresso machine might cost a couple hundred dollars, but can be more uplifting than having an old coffee machine. Don’t forget about your employees when planning your renovations.
Updating the Bathrooms
The bathrooms in your commercial building get a lot of use, so it’s important to keep them clean and updated. When planning how much does it cost to renovate a commercial building, consider the state of your bathrooms and what needs to be done. For instance, will you need to replace any of the fixtures such as the sink or toilet? Will you need to repaint and replace the current flooring with durable ceramic or tile?
Bathroom renovations can be as simple as painting or as involved as gutting the entire space. Depending on the scope of the project, bathroom renovations can cost a few hundred dollars or more. If you’re planning a major renovation, you might want to talk to your team and future employees to plan ahead.
Flooring for a commercial building might not seem like a big deal, but it’s one of the first things that visitors will notice. If your flooring is outdated or in disrepair, it might be time for an update. When planning how much does it cost to renovate a commercial building, consider the type of flooring you want and the size of the area you need to replace. For instance, hardwood floors can be expensive, but they’re also very durable.
Carpeting is another option for flooring, but it might need to be replaced more often than other types of flooring. Replacing carpet can cost around $2 to $20 per square foot on average. If you’re not sure which type of flooring you want, consider the foot traffic of your office building. In addition, if you want to repair flooring in a warehouse, concrete might be the best option. No matter which type of flooring you choose, make sure to get quotes from multiple contractors before making a final decision.
When it comes to commercial building renovations, the sky is the limit. There are endless possibilities for how you can update your space. Whether you’re looking to renovate your lobby, break rooms, or security, keep these costs above in mind.