When your business grows, you need to make important decisions about your building.
Do you build from the ground up or renovate your existing building?
In this video, we’ll show you the pros and cons so you can make an informed decision.
Let’s talk about ground-up construction.
The pros of ground-up construction.
- Add-on as needed: with modular construction, your building can evolve as quickly as your business needs.
- Personalization: new construction gives you complete flexibility, so your property can function exactly the way you need it to.
- No disruption: your staff will continue working in your old building while the new building is being built.
- Income potential: you can add space for potential tenants.
- Innovative materials: you can choose sustainable materials to improve the health of your building and staff.
Ground-up construction has its own drawbacks.
- Timeline: it takes longer to build new than to renovate the existing space.
- Permits: you will need permits for every aspect of construction.
- Cost: it is more expensive to build new than to renovate your existing site.
Now, let’s discuss renovating your existing building.
The pros to renovating your current building are clear.
- Lower costs: it is less expensive to renovate than build new.
- Timeline: It can take weeks to renovate but years to build new.
- Less intensive: labor, materials, and timeline are less than building new.
- Easier funding: you can use your equity to pay for the renovation.
However, there are cons to consider, too.
- Zoning: if you want to use your space for something new, you might be blocked by local zoning ordinances.
- Site constraints: buildings have physical limitations, so your big dreams might not be possible based on location, plumbing, or electrical constraints.
- Community: your neighbors could be frustrated with a long construction project.
- Age: older buildings have potential lead, asbestos, termites, or mold that might be an issue during a renovation.
Now it’s time to choose the right path forward for your project.
Schedule a call with Kroeschell to learn how we support your renovations and ground-up construction projects.