Making the decision to renovate or rebuild an aging commercial property needs to be thought out carefully so an educated choice can be made. There are several things to consider when making this type of decision including cost, condition, and neighborhood. If you are contemplating what is best for you and your business, you should consider consulting with a commercial real estate agency.
Deciding whether it is cost effect to renovate an older property should take several things into consideration. Does your business have the money to take care of unexpected expenses that could occur with a renovation – expenses not included in the overall budget? If most of the work would be cosmetic – renovation could be a cost effective solution. If you are thinking about expanding your business, a rebuild might be the better option. Working with a commercial real estate agency can often help you determine the answers to these questions.
Another factor is the condition of the current building. If there are structural issues, termites, or old electrical wiring involved it might be best to consider rebuilding the property. At Menlo Group Commercial Real Estate, we suggest you take a good look at the foundation, electric, plumbing and overall condition of the building before deciding whether to renovate or rebuild.
Finally you need to consider the neighborhood. Is your business located in a historical district? Are you within walking distance to other shops and businesses? Do you have loyal customers who frequent your business because of the location? Again, a commercial real estate agency can help you determine the needs of your business and whether renovating or rebuilding is in the best interest of your company.
If you’re thinking about the possibility of renovating your commercial property, contact us at the Menlo Group. Our agents can help you determine all of your options so you can decide on the best choice for your building and your business.