The United States construction industry generated a staggering $2 trillion in 2019. Commercial real estate is one of the most critical categories of the construction industry since it allows businesses to thrive, commerce to circulate, and individuals to find jobs. One of the best commercial real estate investments you can make is restoring an old building. This is a useful way to repurpose an old office building for you to operate out of, or to add a nice piece of equity to your real estate portfolio. Regardless of how you intend to capitalize on this project, the tips below provide a good starting point.
Why is commercial building restoration important?
A commercial restoration project is a helpful way to get the best out of an existing piece of real estate. It allows you to get a prime location at a low price. Once the building is restored, the property will be as good as new, at a much lower cost than you otherwise would have had to pay when purchasing a brand new property.
Commercial building restoration also lets you upgrade a property to newer utility standards. You can make eco-friendly changes that save money and put you in a prime position for Leadership in Energy and Environmental Design (LEED) certification.
What should you include in your commercial building restoration project?
Now that you know why a commercial building restoration is worth your time and money, you should start putting together details on what you'd like to do. Always calculate the return on investment (ROI) that you can get from restoring a commercial building, based on the types and levels of upgrades that you intend to make.
For instance, you can get a big ROI when embarking on projects like fixing the foundation, upgrading the heating ventilation and air-conditioning (HVAC) system, changing the exterior siding, and rewiring your electrical system. It's also important that you make changes to the plumbing so that your building utilizes less water and you don't have to deal with backups or clogs.
How can you get the best from your commercial building restoration?
You'll need to either find a contractor that handles every part of the commercial building restoration project or team up with different sets of high-level professionals. Once you've gone over the details with professional teams, they can put together a price list and a timetable for when the restoration work will be complete. It'll typically cost you roughly $200 per square foot to restore a commercial building.
Consider these tips, and get help from a commercial building restoration company that can help you out.