CORPORATE BUILDING RENOVATION: COST AND DETAILS
Alex Lawson
How much does a business office renovation cost?
Asking how much it will cost to renovate your office is a bit like asking how long a piece of string is. There are lots of variables to take into account, and each extra service or renovation goal that you add is going to add money to your total. Here’s a rough guide on how to work it all out.
What do you want?
This is the first question you need to ask. It’s a good starting point for the whole budget. What kind of renovation do you want? Would you just like to lay new carpets and paint the walls, giving your office a facelift? If so, then you will need a team of painters and decorators for a couple of days, a new carpet with installation fees, and the cost of storing your office furniture elsewhere while the work is carried out.
If you want to have structural work done, the cost is going to rise very quickly. Taking out a wall, or building a new solid wall, will be some of the most expensive options. You can also cut costs by having temporary barriers constructed – these are “walls” that slot into place and can be easily removed or changed later. Of course, they won’t be as sturdy as a real wall!
What’s your budget?
If you have a budget in mind, it’s a good idea to set this out early on in the process. Otherwise, your costs could skyrocket easily. Take a look at your financing options to see if you can get a little more help with your budget, and consider what you will be able to afford.
You can usually find that however big your budget is, you’ll be able to expand your renovation project to use it all. That’s just the way things go! You can always upgrade to a more professional contractor, add in more details and luxury touches, and so on. Therefore, it’s a good idea to set your budget first instead of confirming the details that you want and then figuring out if you can afford them.
Nestoil Headquarters, VI, Lagos
Where are you based?
It’s also worth noting that the cost of your project might depend on where your office is based. An office in Broad Street, Lagos or Sydney CBD, for example, is likely to have a much higher renovation cost than an office out in Wellington Bassey Way, Uyo or rural Queensland, Australia; even if they are the same size and need the same work done. Firms in major cities, and especially in major business areas, are going to charge more.
If you want to play the system a little, you may be able to convince a more local firm to do the work in exchange for travel expenses, and still have it all work out a bit cheaper. But don’t skimp on quality. If the work is done badly, then it may as well not have been done at all, because you’ll need to go over it again sometime in the future.
How long will it take?
Don’t forget that you also need to account for some downtime in your business. Figure out how much money you make each day on average, and how much you pay your employees. Since they’ll need to be on paid leave while the office is being renovated, add both costs together to see how much you will lose for every day your office is closed. This could end up being your biggest cost!
In conclusion, there’s a lot to take into account when setting up a renovation, and you may find that your ambitions are too big for your budget. In that case, consider doing the renovation in smaller stages.
About the author: Alex Lawson is a Financial Team Leader and a blogger, working together with other experts at Brighter Finance. Whenever not working on another project or helping customers with their financial issues, Alex may usually be found online, reading money-related blogs and sharing his tips with other experts.
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