When most people think of renovating, they think of a house. However, you can renovate your office space as long as you own it or have the written consent of the landlord. While home renovations are difficult, office renovations are even more stressful because you’ll possibly be working there during the renovations. However, renovations can also be beneficial for your business.
Here are the pros and cons of renovating your office.
Pros of Office Renovations
If you’ve been in your office space for years, the odds are your walls have a few scrapes, and your office seems outdated and not modern. When you meet with clients and customers, you want your office to seem like a reflection of your business, not a reflection of the 90s. Having updated cosmetics means you can change both the look and feel of your office, which can help you close more deals and increase your workers’ productivity.
If you own your building and/or property, you can greatly increase the value of the building with renovations. Because a renovation means making your building and workspace more modern, thus increasing the market value of the building. Also, during the renovation process, issues are likely to come up, such as finding your air conditioner not up to par. By updating your entire office space, including the appliances, you can ensure that you can sell your space for more.
Expanding Its Use
A commercial renovation will update both the look and feel of the space, but it can expand the use of the office space. In other words, you might be able to remodel your building in a way that’s more specific to your business. For example, if you’re a marketing agency that just added photography as one of its services, you can knock down a wall to another office and create a photography room.
Your renovation can also provide you with more space, allowing you to hire more employees and bring in more clients at one time.
The cost of renovating your office space is a tax deduction, especially if you’re renovating to fill your business needs, like hiring more employees. To determine how much you can deduct from your taxes, you’ll need to use professional tax software and keep track of your expenses.
Cons of Office Renovations
Construction takes time, and there are often many delays. A commercial remodel may not always fall in line with your timeline and what you hope to have done in time. Try to find the right time to renovate your office. For example, if you know you have important people coming into the office in two months, your renovation may not be done in time, so it’s probably not a good time to start the project.
Environmental and Mechanical Issues
When renovating an old office building, you might run into problems like mold, termites, foundation, slab damages, or more. While running into these issues can be a good thing because you’ll be able to fix the problem, it also means more time fixing these unexpected problems. It can also stop the workers from finishing their work due to potential health concerns with mold or asbestos.
Subcontractors are necessary for completing tasks, but they are also known to be unreliable. One might say that a project will be done on Monday and then not show up to finish the job, which means you might be using valuable time finding a new subcontractor or waiting for one to come.
When researching who to hire for what projects, make sure you know who you can trust to get the job done well and on time.
Slow Down In Production
If you’re renovating an office building, then your workers need to be able to work somewhere. You might choose to have them work at one end of the building while the contractors work at the other. However, there is going to be slower productivity because of the renovation. With loud noises, your employees won’t be able to focus on their work.
If you have nowhere for your workers to work during a renovation, consider letting them work from home if possible. This will allow them to get their work done without any distractions.
When you’re doing a renovation, you’ll need to make sure your projects are up to code. The fire marshal’s office and the building code office update codes frequently, so you must learn these codes and make sure your contractors know them too.
If you don’t own your office space, then a renovation will likely result in higher rent. You’ll need to get permission from your landlord in writing that allows you to do any renovations on their building. While many landlords are open to this idea because it means you’ll pay more, some are not. Make sure you discuss the benefits of renovating your office with your landlord so they can see why your renovation is important and will benefit them too.
Office renovations are typically more stressful and difficult than home renovations because they affect your business and how you earn money. Unfortunately, an office renovation isn’t always your best option. Before deciding to do a renovation, consider looking around for a new office space to buy or rent so you won’t have to put in as much time or money getting an office the way you want it. You might find it’s cheaper and provides a better location to relocate than spending time dealing with a complete renovation.
Your office is a place to close deals and get work done, so you must weigh the pros and cons of a renovation and consider the impact it can have on your business, employees, and clients.
Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music.