Renovations can be very worthwhile investments, sometimes more lucrative than new builds. Whether you own or operate an existing building or are looking to purchase an existing property, here are five signs that a renovation should be your next investment.
1. Location vs. the Building’s Condition
If your building is older but you love its location, consider renovating. Most likely, the building itself is sending you signs that upgrades are needed. The roof may leak, and the electrical wiring may not be able to keep up with demand. Consider the costs to update the building versus the cost of new property in the same location. The renovation is often the cheaper option.
2. Energy Costs Are High
Most older buildings, especially those that need repair, are not as energy efficient as new buildings. Renovating can make your building greener, more energy efficient, and save you on energy costs. Experienced general contractors can suggest many green solutions, such as more efficient windows, solar panels, skylights, and more. Many of these solutions also come with tax credits and other incentives.
3. Maintenance Is a Headache
Along with reducing energy costs, renovating can help alleviate high maintenance and operational costs. Plus, whenever anything breaks in an older building, the required repairs can snowball and end up costing a fortune. Updating and modernizing everything will make operations run smoother.
4. It Looks Outdated
If your building is aesthetically outdated, it may be difficult to find tenants. These days, people are looking for updated, colorful, and comfortable spaces. Modernizing the look of the building and updating its insides will make it stand out, which can help your business. Renovations are costly, but the return on investment is hefty.
5. Poor Organization
Older buildings aren’t always organized to meet today’s functionality requirements. GCs can help you decide how to better configure the space that you have. A renovation can create a better-organized space which can create cost savings.
Renovations are costly, but are great investments. When you consider the cost of continuously making repairs and patching up problems, a renovation may be a cheaper strategy in the long run.
At Seacoast Construction, we have worked on many renovation projects. We can help you determine what’s best for your space. Give us a call at 786-433-8740 to schedule a consultation.
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