6 Tips on Setting a Budget for Your Commercial Renovation Project

Let’s face it, most people are on a budget nowadays. If you run a business, you know the value of staying on budget and staying on task.

If you have an upcoming commercial renovation project, you need a plan that works when it comes to budgeting your money. Every dollar counts in the world of renovating commercial buildings.

Learn how to plan your work and work your plan in a thrifty sense right here with these 6 tips for setting your commercial renovation budget.

1. Know the Steps Involved

Knowing the steps involved in building a commercial building will give you a roadmap with which you can base your budget around. If you are renovating an existing building, just follow the steps that apply to your remodel.

2. Calculate Cost of Materials

Once you have made your commercial renovation project plan, you can start to calculate the cost of raw materials. Keep in mind that the price of raw materials has gone up in recent years. This will influence your budget.

3. Commercial Renovation Project Labor Costs

This boils down to three things. The first is how many people you will need to hire to complete your commercial renovation project. The second is their pay rate per hour.

The final is the total amount of hours your project will take to complete. You can make ballpark estimates for all three, but make sure to factor in the total labor costs for your project.

Keep in mind that your project may require overtime hours to complete. Make sure that you determine how to calculate overtime pay and decide how your overtime payment structure will work before starting your project.

4. Factor in Plumbing

Plumbing costs can be astronomical, especially if you need to add in a bathroom or move one around. You should factor this into your costs right away to avoid unexpected changes to your commercial renovation budget.

5. Factor in Electrical

Along with plumbing, the price of an electrical system overhaul can shatter your budget. Make sure to know what kind of electrical work needs to be done when renovating your office or other commercial building.

Factoring in electrical remodeling costs prior to setting your budget will help you stay on target throughout the rest of the renovation process. Electrical work is a very important factor in the total cost of renovations.

6. Buffer Your Budget

You need to have a bit of wiggle room when it comes to your budget for your commercial renovation project. Once you calculate the total estimated cost of your project, move that number up a few pegs to determine your budget.

Unexpected costs will always arise during a project. Having this buffer zone will allow you to expect the unexpected during your construction project. That way, you will still be able to accomplish your goals within your budget.

Find a Commercial Renovation Pro

Staying on budget for your commercial renovation project all depends upon you hiring the right commercial renovation company. By using these 6 tips beforehand, you can give the pros the info they need to get the job done.

Set your commercial renovation budget the right way by using these 6 tips. When you are ready to begin your project, contact us to get a free estimate!

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