Having a commercial property built requires an absolutely massive investment of time and money. Because you’re going to put so much into it, obviously you want to make sure you get it right the first time! Once you’ve decided to go through with it, you need to ensure that all your following actions are made wisely. Here’s some important advice for making sure it all goes well.
First of all, evaluate what you need from the building, and how it will be overseen. As I mentioned earlier, having a commercial building built is an extremely big task, and the sheer scale of it means that you’re going to be very busy throughout the process. Even if you hire in a project manager, you’ll still need to be involved in some decisions every day, which will eat into the time you have to run your business. Your long-term needs as a company is another important factor to take in. How quickly is your operation growing right now? Will your building be completed with good timing? You don’t want your operation to outgrow the premises too quickly, and have to make even bigger investments!
My next piece of advice is to do all the budgeting up-front and very carefully. If you make even a small blunder in your early cost projections, it can bring the whole project crashing down in no time. Your bank and your financial advisor should both take part in the projections, and will be able to give you some great advice on assessing the project financially, and finding the best deal on land or existing property. Obviously, you should try to get the best result for the lowest price. However, it’s important to avoid quotes which seem too good to be true. They usually are! Before you move any further on an offer, you need to read and understand all the inclusions and exclusions on a contract. Seemingly minor things like paving driveways or water servitude can have a big impact on the money you invest in the end. You’ll need to think about utilities, furniture, and possibly security services like this: wireworkscoinc.com . The point is, don’t leave anything out!
Finally, make sure you choose the right contractor for the job. If you’ve never commissioned a building before, then this may sound like the easiest part of the contract. Believe me, not all contractors were created equal! Like the budgeting, it’s a good idea to get some outside help on pinning down the right contractor. Your architect and possibly your banker will be able to recommend a few firms who have a good track record for projects like yours. Alternatively, you could approach more general, unspecialised firms like mccarthy.com. The most important advice I can give is not to take their online portfolios at face value. No matter how popular a certain contractor is, it’s important to go for a walk around one of their buildings, and ask all the questions you want. You may come across some deal breakers you never would have noticed before.
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