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Should you renovate your current business or start fresh?

On Behalf of | Mar 23, 2023 | Real Estate |

Expansion is a major goal of many business owners. It is often both a good and bad thing when the time comes to upgrade to a new building because you outgrew the old one.

But when the time comes, is moving really the best option? You can also consider remodeling, expanding or renovating a current facility, too. Each has its own benefits and drawbacks.

Remodeling and refurbishing pros

Athletic Business discusses remodeling a facility. This is a good option if you have yet to outgrow your current building entirely and just want to update it. A remodel will result in minimal changes to the function of the space itself. Renovations, on the other hand, can add substantial changes to the property.

If you wish to opt for a full renovation, understand that these can take a long time to accomplish and that they often cost a lot of money and will disrupt your business for longer periods of time.

Weighing costs carefully

In some cases, renovating may actually cost more than simply finding a new building to relocate to. An inspector can help you hunt for a new commercial property that will suit what you want from your new space, and will even give you some room to grow in the future.

It helps to take a look at potential properties first-hand, too. This will allow you to visualize the actual amount of space you have to work with and whether or not the layout will suit your goals and purposes.