Are you planning to construct your own commercial property? If the answer is yes then you will probably know that it will take quite a bit of your time and investment. You will have to have enough patience and money to see your project through as there can be delays by the contractor and even cost overruns. There can be multiple unforeseen events which can hold up your project and cause more financial drain. However, with certain planning, the number of unforeseen events can be reduced. Here we list some of the tips for proper construction of a commercial property:
1 Making Right Financial Projections
A commercial building is usually larger and involves a lot of financial commitment from an entrepreneur like you. When you are initiating the task of construction f a commercial building, it is absolutely necessary to get the financial projection right as to how much money will be required for the whole project. Apart from construction costs, there will be costs in getting the permits from the government for the construction and that should also be included in the overall costs. All the minor tasks must be thought out before undertaking the project so as to arrive at the right financial picture. There will costs in getting insulation done for correct HCAC (heating, ventilation and air-conditioning) system. There will be cost in doing up the interior, furniture and populating the pantry of the building. There will also be labour charges, apart from material costs.
2 Getting Government Permits
Any construction requires several permits from the government and the number of permissions required is only going up with time. Now environment clearance is also wanted in many places, apart from regular permits. For a commercial building, there will be stricter scrutiny by the government and all the regulations must be adhered to. The rules will vary from one state to another and sometimes even from one city to another. Then the rules themselves keep changing over time within the city or the state. It is important to get a clear picture about all the permits that will be required and all the zonal laws must be known. A personal visit to the local authority like the municipality would be a good idea to know what are the latest rules for the type of commercial property that you intent to build.
3 Getting Hold Of Experts
You may be a good at executing many things but you will still need experts like architect and interior designer for your project. You will definitely need a contractor and extreme care should be taken while hiring their services. It should be found out what projects they have worked on previously and whether they have any experience in executing any project similar to the one you are planning and also the type of commercial property that you are planning. Your property should be efficient and functional. For that to happen, a professional approach has to be taken right from the start or you could be left with some space which cannot be used for any purpose. A good interior designer may also help you with the right colour choice for carpets and walls so as to boost employee productivity. Various studies have shown that colours have a huge impact on productivity of the employees.
4 Contingency Plan
It would be advisable to reserve about 10 percent of the projected costs and keep it aside since there are good chances of cost overruns in any construction project. There will also be a loss of work during transition from your existing set up to the new building and that should also be accounted for and planned. There can be delays in the construction due to unforeseen reasons and that will also add to the overall cost of construction. These costs cannot be overlooked and only you as the owner will have to bear them.
5 Getting Finances
It is needless to say that you will need a large amount of money for construction of a commercial property. How you will you arrange the money depends on you but most entrepreneurs go for bank financing and getting this part of the whole exercise, that is, arranging money is as important as getting the construction right. You must discuss with your bank about the intended construction and the costs that are involved. It is advisable to engage in a dialogue as soon as possible and not wait until the last moment. The bank can have experts who can come up with a good projection of costs for the kind of property that you are intending to construct. Not just that, the bank can also suggest ways as to how you can get the money like taking a bridge loan or some other alternative.
6 Environment Protection Measures
Go for a building type that is environment friendly. Even the construction method must be pro-environment. While some aspects of methods of construction and the building type are now covered by the local authorities and conforming to them would be absolute essential, going beyond what the law mandates may result in many other benefits. A green building can result in a lost cost savings in energy bills and can contribute in environment protection by having systems like rain water harvesting and water conservation. A green building and its owners are regarded highly these days and can result in good PR (public relations) for your business.