A commercial building is one of the greatest investments individuals and businesses can make. Whether it’s a retail store, commercial office, ware- house, industrial park, or residential property, a commercial property requires an extensive investment of time and money. However, constructing a commercial building is anything but easy. It presents distinct challenges that can impact the outcome of your structure and property’s ROI. In this article, we’ve outlined five tips for building a commercial property.
Money is key to any construction project, so having a comprehensive budget is imperative. A good construction budget should include all possible costs, including approval fees, land acquisition costs, salaries, VAT, design work, construction materials, and even the smallest fees, like drinking water and stationery. In addition, it is important to have a contingency of about 5% to 10% for unexpected expenses during the construction. If you cannot prepare a comprehensive budget on your own, you can consult a bank advisor, a commercial construction company, or a professional.
While you may be tempted to skip this essential step to save on costs, working without a good architect or designer can result in problems like inefficient use of space. Hiring an architect helps to make your building functional and efficient. However, it is important to note that different architects specialize in different types of buildings, and it is crucial that you hire an architect who specializes in the type of buildings you want to construct. If, for instance, you are constructing a retail store, be sure to hire an architect experienced in designing retail stores.
You can invest all your energy, time, and money in a commercial building, but all that can be in vain if you hire the wrong commercial property contractor. The contractor you hire can make or break your project. Here are some tips for hiring the right commercial contractor:
1) Hire a local, licensed building contractor if possible: Local contractors are easier to contact in case of any problems, and they are familiar with building codes in your local area 2) The contractor should be financially stable and be able to give references and guarantees on their work 3) Get several estimates before making your decision 4) Don’t be in a rush to make your decision 5) Get everything in writing
Before starting your construction project, ensure you have done everything correctly in terms of permits and zoning laws. Get all the necessary government documents like permits and approvals. Failure to produce the necessary documents when required can result in heavy losses in terms of fines and penalties. It is advisable to work with a legal advisor to avoid legal problems down the road.
Although you may want your project finished as soon as possible, this may not be possible. A quality commercial building takes time to construct. There are normally too many parts of the project, such as subcontractors and inspections. In addition, you will need to consider environmental factors that may affect the construction when setting your project timeline.
A commercial property construction project presents unique challenges, but with proper planning and the right people, it can be completed smoothly.
