When it comes to renovations, potential pitfalls are always in the offing, but the mistakes that other people made in past renovations can serve as important lessons for new projects. One of the biggest stumbling blocks that many people encounter with their commercial space renovations is budget shortfalls. This problem is usually caused by a myriad of blunders committed along the way.
Here is a look at some common reasons for the budgetary shortfalls.
Not having a contingency fund
One of the biggest mistakes that many commercial building owners make when they are budgeting for a renovation project is not expecting a few surprises here and there. Even the most carefully planned renovations may hit a few bumps down the road, forcing the person responsible for the project to spend more than expected. As a general rule, it is prudent to set aside a minimum contingency of 10 percent to account for any unforeseen expenses.
Not making the most of what's already there
Renovations are not always about ripping everything apart. In some situations, there might be flukes in the design of your building that you can make work in your favour, rather than tearing them down. If you are upgrading your data network from copper cabling to fibre optic cabling, for example, you can install the new cables parallel to your existing electrical wiring. This is because unlike copper cabling, fibre optic cables do not cause electromagnetic interference, eliminating the need for a separate conduit for running the data cables.
As the only thing you may need to do is to ensure there's no physical contact between your data cables and electrical wiring so as to prevent physical wear of the data cables, you may make significant savings on installation costs.
Taking the DIY route
When it comes to commercial space makeovers, it is always important to get an expert's perspective on things. Whether you opt to employ the services of a general contractor and an interior design company or a contractor who can provide both design and construction services, a reputable professional will help you identify possible hitches, alternative solutions and potential savings at the early phases of your remodeling process. This will ensure everything goes smoothly and is completed using the available budget.
Due to lack of professional insight, doing the renovations yourself may prove to be costlier than you had imagined, thus leading to budget deficits.
Not clearly spelling out your objectives
Last but not least, having a clear understanding of why you are remodeling will ensure you stick to your budget from start to finish, thus reducing the likelihood of overspending.