Building a commercial building is a significant investment that can be incredibly profitable but requires an enormous investment of time and money. It is essential to ensure that it is the best move for your business before starting construction. However, commercial building construction can be overwhelming, especially for first-time investors or builders. From creating a budget to obtaining necessary building documentation, there are many factors to consider when it comes to new commercial construction. Here are some tips to keep in mind for the smooth construction of your commercial building.
Develop a Comprehensive Construction Budget
Before launching your commercial building project, ensure that you develop a clear budget that outlines all costs associated with the project. A good construction budget should show the land or property acquisition, approval fees, consultant fees, VAT, construction materials, design work, and labor costs. Consider adding a contingency of 5% to 10% for unexpected occurrences as you develop the budget. However, if you cannot create the budget, consider getting a bank advisor or commercial contractor to develop construction estimates during the planning process.
Find the Right Commercial Contractor and Architect
Finding the right contractor and architect is essential to the success of your commercial building project. A commercial building project cannot be successful without hiring the best contractor in your area. Ensure the company is licensed, financially stable and ready to give references and guarantees on the work done. A good rule of thumb is to get at least three quotes. A contractor with at least ten years of experience indicates that they have worked on several projects.
While you might want to save money upfront, hiring a good architect makes your building functional and efficient. An architect helps envision the project owner’s needs and generate a solution. You might be good at executing things, but you will still require an expert architect and interior designer for your commercial building project.
Obtain Necessary Building Documentation
Ensure you obtain all the government documents, including approvals and legal permits for your country or region. Failing to produce these documents when required can lead to heavy losses in the form of penalties and fines. In serious cases, it may lead to the cancellation of your building project. Environment clearance is a must besides regular permits while building a commercial property. In addition, consider getting a legal advisor to help run your commercial building project smoothly.
Set a Realistic Project Timeline
When setting your project duration, consider environmental factors that may affect your construction. Consult your contractor before deciding on a completion date. Your commercial contractor should set realistic completion dates and deliver the work within those timelines. You may want your commercial building project completed as soon as possible, but this might not be realistic in some cases since quality buildings take time. Usually, there are too many parts in the project, such as heavy equipment, building inspections, and sub-contractors.
Communicate Regularly with Your Contractor
The success of a commercial building project depends on good communication between the project owner and the contractor. As the project owner, you should anticipate unexpected situations that may arise during construction. Make sure you communicate with your contractor regularly. In addition, provide a single point of contact to streamline your communication. This is also beneficial when the contractor serves as the project’s general manager.
Use Better, Stronger Construction Materials
Of course, you want a commercial building that will not require monthly maintenance. However, the lifespan of a commercial building depends on the construction materials used during the building process. To control long-term operating costs, you must focus on constructing a durable, low-maintenance commercial building. Strong building systems and finishes last longer, are resistant to damage, and need less maintenance.
Prioritize Energy Efficiency
The energy-efficient design of a new commercial building can control long-term costs and improve a business’s profits. Notably, a recent Nielsen global survey on corporate social responsibility found that 55 percent of the respondents would pay more for services and products produced from companies committed to positive social and healthy environmental causes – an increase from 50 percent in 2012 and 45 percent in 2011.
To achieve energy efficiency, consider using insulated concrete forms (ICF) in the building’s construction. ICFs are energy-efficient, durable, and disaster-resistant, saving building owners money over the long run on utility bills, maintenance, and repairs. Furthermore, ICFs create good indoor environmental quality, promoting occupant health and productivity.
Prevent Costly Repairs Due to Natural Disasters
Protecting a commercial building and its occupants from the increasing threats of hurricanes, tornadoes, flooding, wildfires, and earthquakes requires a disaster-resistant design. A disaster-resistant design also saves building owners on costly repairs or even rebuilding, after a severe natural disaster. A resilient design adds property value and reduces annual insurance costs.
Design for Indoor Environmental Quality
The design of a healthy commercial build should prioritize excellent indoor environmental quality (IEQ). Good IEQ improves the comfort, safety, and productivity of the building’s occupants. Ensure your building’s design includes improved air-filtration systems that allow for more fresh air, outdoor spaces, and floor plans that promote a more hygienic environment.
Plan for the Future
To reduce future operational costs for the building owner and add resiliency, reducing maintenance, the integrated selection of materials for the building envelope in the design phase is key. Consider the long-term needs of your business and ensure your building can accommodate your growth down the road. You don’t want to find yourself outgrowing your new building too quickly and having to make additional costly investments.
Building a commercial building is a significant investment that requires careful planning and execution. From developing a comprehensive construction budget to prioritizing energy efficiency and indoor environmental quality, it is essential to consider all factors to ensure the success of your commercial building project. With the right contractor, architect, and materials, you can build a profitable and sustainable commercial building that will stand the test of time.
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ABS Services provides comprehensive commercial construction services to Greater Cincinnati, Northern Kentucky, and Southeast Indiana. We have the experience, equipment, and the right team to get the job done!
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