How to Control Commercial Renovation Costs

How to Control Commercial Renovation Costs

Commercial renovation costs per square foot range from $30 to $450, depending on the location and building type. However, additional finishing can increase prices to over $1,000 per square foot.

If you’re planning to renovate your commercial building, you might wonder how much you’ll spend. Our builders in St Petersburg, FL can always prepare an estimated budget based on various external factors. 

While these external factors will greatly influence and even change the renovation costs, it is vital to learn how to maintain control throughout the renovation process. Follow these tips to spare yourself a headache.

Plan Ahead 

No one can predict the costs and occurrences to the dot, no matter how experienced they are. Every contractor knows that adding an item for unforeseen or hidden costs in the budget is a must. This category will include market price fluctuations for labor, materials, and other expenses. 

About 15% of the total renovation budget should be allocated to unexpected costs to avoid inconveniences and delays.

Avoid Surprises

No one wants to face unpleasant surprises after the renovation has begun. A detailed plan must be in place to avoid derailing a project off the tracks and blowing the budget.

Renovation teams should carry out a detailed property condition assessment and inspection. Site visits will clarify any exceptions to as-built drawings, and the teams will have a view of the actual site conditions. 

Include Hazardous Materials

Conducting a hazardous-material survey before construction can help with more accurate budget estimations. Industrial chemicals, asbestos, mercury, and lead paints are known to break budgets if not foreseen. 

Use of As-Built Drawings

Home Improvement Projects That Require a Permit

As-built drawings give engineers and architects insight into what they will find behind the walls. They provide a detailed record of improvements made throughout the construction process, making it easier to spot problems and make necessary adjustments.

Calculate the Life Cycle of Building Systems

Understanding the natural life cycle of the plumbing, electrical, heating, and cooling systems helps with budgeting. Knowing this will help predict which system replacements need to be included in the renovation project.

Choosing Materials Based on Use

Many building owners face the dilemma of choosing between expensive and low-cost materials.

Tip: Choose materials based on the building’s purpose. For example, selecting materials for high-traffic areas should be done based on impermeability and durability rather than aesthetics. 

Just because a material looks nicer doesn’t mean it will last longer. Be sure the teams understand which materials should be used in particular parts of the building. This will reduce the project costs and the building’s lifetime maintenance. 

HE Feldman & Son: Your Trusted Builders in St. Petersburg, FL

Never underestimate the value of the right renovation partner! 

Feldman & Son can fulfill your long-term vision and provide real-time knowledge of current market costs in the construction industry. In addition, our experienced builders can minimize surprises and provide accurate renovation cost estimates.

With over 40 years of experience, you can rely on us to meet your building requirements on time and within budget.

For additional questions on commercial renovation costs, contact one of our renovation experts.

Related Posts