A renovation is a completely normal thing for property owners. It’s a standard part of the ownership cycle and if you want your property to look and function properly, it needs to be done on time. However, one of the biggest issues when remodeling your commercial property is determining all of the costs.
The problem is that there isn’t a single formula for determining your costs. It all depends on factors such as material costs, location, use, functionalities, and labor costs. On top of that, you might have unexpected complications that could lead to additional costs.
Still, it’s important to know which areas you need to work on and what are their unique factors to make your commercial remodeling process as smooth as possible.
Electrical Costs
The average price of an electrical remodel is around $3.50 per square foot. With electrical installations, it’s possible to keep the costs down by using pre-existing fixtures and wiring. However, the prices can also be very high depending on what kind of lighting and fixtures you want to install.
Commercial remodeling for the electrical aspect of your property might require altering light positions, fixing or changing wiring, adding special fixtures, etc. All of this will lead to additional costs. The total budget for electrical installations could range anywhere from $10k to $100k.
Design Costs
If you plan on hiring an architect or a designer, you need to add another 20% to your whole renovation budget. If you are working on simple renovations such as adding shelves for products, repainting, and using electrical wiring that already exists, you won’t need a permit or a designer.
However, if you really want to optimize your space and provide the best experience for your customers, then you need to get serious. In this case, you need professionals who are experts in this field. However, keep in mind, the price will be higher.
Location Costs
The location of your renovation project can make a huge difference when it comes to costs. To evaluate a commercial property remodel from the location aspect, you need to consider factors such as:
- Nearby material costs
- Labor costs in the area
- Code regulations
- Average regulation costs for this kind of work
- Facilities surrounding your property
In some cases, large cities can also have great price fluctuations depending on the neighborhood.
Plumbing Costs
Your bathroom may also be one of the rooms that you need to renovate. However, if you decide to do this, your costs will be way higher, but this renovation will help your business in many ways.
To evaluate a commercial property remodel successfully, consider adding an extra $3-6k to your budget. Also, make sure to check the sewage lines nearby to see how far away they are and whether you can connect to them.
The price for your commercial remodeling can be expensive but trust us, it’s worth it. This will help your business look and perform better, with happy customers returning to do business with you again. For electrical assistance throughout your commercial remodeling process, reach out to MSC Electrical today!
