When it comes to a building project, there are two main choices – build new or renovate your current space. Deciding between these options has a huge impact on your project’s budget and schedule. The option that’s right for your project will depend on your goals and the building or property itself.
The experts at Commercial Building, Inc. are here to help you determine when it might be better to build new versus when it is best to renovate.
COST
Cost is one of the most driving factors in any construction project. It is important to get the most quality of the money being spent. When it comes to choosing whether to build new or to renovate, the decision often comes down to which one makes more sense financially.
NEW – Starting with land and building new can be the more costly option. With this choice, you’ll be responsible for all from start to finish – site-work, installation of utilities, and construction of the structure, including the foundation and inside and outside finishes.
Building new buildings generally includes a complex scope of work, more man hours, and more materials – it ends up being more expensive than renovation. However, there can be some cases where renovations can become more expensive than a new build.
RENOVATE – When it comes to renovating, you are responsible for all of the costs of changing the structure to suit your needs. Per ADA regulations and health and safety codes, some of the features of the existing building can be left as-is, depending on how extensive the renovations are.
In general, the older the building, the more it will cost to renovate. When it comes to renovating, there are always the costs of the unknown. You cannot be sure of what conditions will arise once construction begins, which could potentially add cost and time to your project. If the property you are looking to renovate was constructed or updated in the past few decades, renovations will likely be the more affordable option.
QUICKER PROJECT DURATION
The duration of the project is going to vary based on the scope of the project; if renovating – the condition of the existing building; and whether or not your organization’s operations need to continue while construction takes place.
New construction project duration will often be greater than renovation project duration due to the amount of work that needs to be completed. With new construction, the timeline to build the entire structure from the ground up and complete with all finishes.
Due to a renovation not starting from scratch, it can often be a quicker option. Many of the necessary building elements are already in place and can be integrated into the renovated building, your construction team will have much less work to do. However, there are some instances where this won’t be the case. In particular, with older and historical buildings, project durations can take much longer than building new.
The important factor to take into consideration is the impact it would have on your operations. If you’re renovating the facility you’re currently operating out of, you may have to adjust your operations to safely work alongside your construction team.
UNDERSTAND YOUR GOALS: NEW CONSTRUCTION VS RENOVATIONS
The right decision between renovating and new construction depends on the scope of your project.
Overall, building new will give you more control over the project. However, new construction can end up taking longer than renovating and costing more. With renovating a facility, you are bound to the existing structure. However, it can be the less costly option.
Deciding between renovating an existing building or starting with new construction is a difficult decision, but it’s an important on
A COMMERCIAL GENERAL CONTRACTOR YOU CAN TRUST
Commercial building companies like Commercial Building, Inc. are key players when it comes to commercial building and understanding mediocre and exceptional service. At CBI, we go above and beyond with our clients, and our reputation is strong because of it. See for yourself in our portfolio on our website. No matter what stage you are in with the construction process of your building, feel free to ask us questions about what makes our post construction process different from the rest of those in North Carolina.
Based in North Carolina, CBI has been helping business leaders transform their vision into reality. From blueprints to cutting a ribbon at a grand opening, our diligent construction contractor services double-check every logistical component. Our experienced team guarantees that your project does not run into delays or unnecessary cost overages.
At CBI, we can assist you with all aspects of construction. Our team can help you with every step of your building project. Contact us today to see how we can assist you with obtaining your building permits or anything else you may need.
We offer services in Fayetteville, Pinehurst, Southern Pines, Lumberton, Sanford, Fuquay-Varina, Apex, and many other cities in North Carolina. For more information, give us a call at 910-818-6811 or you can email us at cbi@commercialbuildingnc.com.