October 3, 2019
Remodeling a commercial building can take a lot of time and money. Even a relatively minor remodeling that rebuilds one or two rooms can cost thousands of dollars, and it’s not always clear what kind of benefit you’re getting. You also have to worry about all the paperwork involved, especially if your company doesn’t own the building you’re in. Still, a thorough remodeling comes with plenty of useful benefits that can make a big difference in your company’s long-term profits.
Your clients and customers can tell when your commercial building is old and hasn’t been updated in decades. Even if they don’t care about fashion trends, old decorations, faded paint, drooping wallpaper, old stains, and other signs of age tell your clients that you don’t care about details or putting your best foot forward. A remodeling can change the way your business looks to clients, it can project the atmosphere you want, and it can make your clients feel more comfortable about your company’s priorities and attention to details.
When clients look at your commercial space, you only really have to worry about first impressions. On the other hand, your staff spends dozens of hours every week in your building and has to live with your building’s décor every day. Numerous studies have shown that things like colors, shapes, and layouts can have a real impact on employee morale, and even the act of remodeling their workspace shows your employees that you care about them.
A substantial remodeling can do a lot to improve a building’s property value. That can mean higher property taxes, but it also means you can get substantially more money if and when you sell the property, plus you may be able to enjoy state and local tax deductions that offset the extra burden. You can also take out a larger equity loan to make use of that value while you still own the building. If you rent your property out to other businesses, a higher property value is a very fair reason to charge higher rental fees.
Remodeling can include revamping old HVAC systems, installing solar panels on the roof, replacing old insulation, installing high-efficiency light bulbs, and other practical improvements. Add them all together and your property will use less electricity every month no matter what industry you’re in. A high-efficiency property that uses green building techniques is also a good way to attract new and forward-thinking commercial tenants.
Remodeling a commercial property is a big undertaking even if you aren’t revamping the whole building. That’s why property owners don’t do it often. Still, there are plenty of reasons why a remodeled building can be a financial benefit to your company, and over time remodeling will usually provide a net profit over the time and costs you invested. To learn more about how remodeling can help your company and what improvements you could get, contact Global Construction today and set up an initial consultation.