home

Budgeting for Commercial Renovations: Where to Spend and Where to Save

by Olivia

Renovating anything can be so taxing and not to mention how much of an investment it can be. Like any big project it does require some forward thinking and budgeting. In this post I share some advice on how to maximise your budget and where is best to spend, and where is best to save.

This is a contributed post.

WHERE TO SPEND

  1. Structural and Safety Upgrades
    If you’re thinking of renovating a commercial property, it’s probably best to check the structural integrity of the building first. Those are the places you need to spend on initially. You cant scrimp and save when it comes to safety. Speaking to a financial advisor such as Melbourne Financial advisors is probably the best advice here. Always remember to check those important areas of a property, electrical, plumbing and fire safety.
  2. Quality Flooring and Finishes
    Flooring can be one of the biggest investments when renovating commercial properties, the money can add up and the budget can get spent quickly. Remember to choose the higher quality materials like hardwood or good quality tiles when fitting new floors. Spending abit extra on good quality paint can make all the difference,

WHERE TO SAVE

  1. Cosmetic Upgrades
    It honestly can be so tempting to splurge on decor and fancy wallpaper. But remember these things are not essential and can be purchased any time in the future. There’s no rush for these things. making them a non priority is a great way to save some of the budget.
  2. DIY Demolition and Cleanup
    If you have enough time and resource to do it yourself, demolishing and cleaning up after your commercial renovations is a great way to save some money. Of course make sure you’re taking the correct safety protocols if you do decide to do this yourself.

There are pros and cons to saving and spending in various areas when you’re renovating a commercial property. It’s up to you to decide which is important now and which isn’t.

Have you ever renovated a commercial property? What did you do to save some money? What important things did your budget go on?

Olivia x

Leave a Reply