For business owners, expansion is something everyone hopes for. If you feel like you outgrew your building, you probably have some big decisions ahead of you.
According to Athletic Business, eventually, you have to decide whether to renovate, expand or remodel a facility. The same goes for any business, but purchasing new commercial real estate is another option. Knowing your goals and cost limits can help with the decision.
When is remodeling or renovating worth it?
Generally, if you want to update or modernize your building, you choose to remodel or renovate. Remodeling involves minimal alterations to how the space functions, whereas renovations result in significant structural changes. Full renovations tend to cost more money and can interrupt your business for a longer time than a renovation.
When should you look for a new space?
If a remodel costs more than finding a building, reconsider remodeling and consider hunting for new commercial real estate. With an inspector at your side, you can ensure you find a property that does not require significant repairs. Additionally, seeing a building with additional square footage makes more sense if you need to expand.
When renovating, you must consider the amount of business interruption that could cost you more than just moving your company and employees to another facility. When looking for a new facility, you have the option to find buildings with up-to-date codes that pass inspection with flying colors, so you do not have to make many adjustments.
Choosing newer buildings can make it easier to have upgraded technology and to ensure that you have wi-fi and other technological options.