Budgeting for Remodels – Commercial and Office Renovations

The first step to any type of commercial remodeling, including commercial office renovations, will be budgeting. The budget will help you determine certain design choices, material choices, and the parameters of your project. This quick guide will help you better understand some factors that should be considered while planning your budget.

Understand Your Why

It is essential to have a clearly defined reason for the renovation in the first place. Clearly outlining your reason can help you set priorities in the budget. For instance, if the reason is to increase workspace, then you know setting up the layout, making changes to the current structure of the space, and obtaining materials for the expansion would be much higher on the budget priority list than, say, furniture or interior design elements. Having your why clearly laid out will set a foundation for all of your other budgeting decisions.

Understand the Scope

Having a clearly outlined scope of the project is also important. Is this a huge renovation that will redesign the entire space, or are you just focusing on some smaller projects in a more confined area? Understanding the scope of your project is also crucial to help you decide which types of professionals you will need to bring on board to help you complete the renovation.

Understand the Budgeting Items

Here we will list some common budgeting items you might need to consider for most common renovations.

  • Lighting and fixtures
  • Plumbing
  • Electrical work
  • Millwork
  • Carpentry
  • Flooring
  • Windows
  • Labor

Other Considerations

Beyond the basics of the above-mentioned items, you might also want to consider these factors as well.

HVAC – Will the new space need expanding HVAC? If so, how will this work with your current HVAC system? You will want to determine if the current system can handle the expansion. These are important questions to discuss with the professionals you bring on board for your project.

Finishes – You will also need to consider how you finish the space. Is it essential to have high-end finishes, or are you looking for basic, cost-efficient finishes? A budget can really get crazy once you get to the finishes. Paint, fixtures, flooring, décor, and furniture are where most people fall off their budget. This is where you need to keep a tight grip on those priorities you set early on. How will each decision contribute to achieving the priorities you set up? If something does not help achieve that priority, it is probably just a waste of money in the budget.

Cost of labor – You need to remember that the amount of money you spend on labor can drastically vary depending on who you choose. Just because a contractor is cheap, though, does not mean they are necessarily the best choice. You need to get estimates from several contractors and do your research to ensure you are getting quality work for your money.