It’s no surprise that many entrepreneurs and business owners are looking for ways to save money. Luckily, there is a way to both increase the value of your building and save some cash. A renovation can be an excellent option because it will not only change the look of your property but also add new features such as solar panels or energy-efficient windows. You may even qualify for tax credits! Plus, you’ll get more renters if they like how nice their apartment (or office space) looks. If you are still not ready for a renovation, read on to be convinced.
- 1. You need more space for your employees
- 2. You want your business to look professional
- 3. You need a place to recruit new employees
- 4. Your existing location is not profitable enough
- 5. You want to help the environment
- 6. You want to improve the security of your building
- 7. You've been approved for low-interest loans
- 8. You want tenants in every unit of your building
- 9. You own commercial property and are looking to increase its value
1. You need more space for your employees
If you’re running a business with a large number of employees, a renovation can make your company more productive. New appliances and workstations will encourage your workers to stay healthy and on top of their tasks. Even if you have 10 employees or less, a renovation can increase productivity! If everyone feels happy and comfortable at the office, they will work harder for you. Relaxing areas are great places to keep employees energized and ready to go!
2. You want your business to look professional
A renovation helps retain existing customers while gaining new ones. A company’s image is extremely important, especially if yours deals with consumers or clients. Making a good first impression will encourage the people you meet to take your business seriously. When potential employees and collaborators see how well you renovate, they will be impressed and want to work for or with you.
3. You need a place to recruit new employees
Before hiring, many people check out the company’s website and/or office space. If your current location looks aged and unkempt, potential hires will run away! A renovation can help you avoid that from happening. The right design and a nice layout make a company seem successful and clean. If you want the best employees time and time again, your business should look professional at all times.
4. Your existing location is not profitable enough
Renting an office or commercial space is an excellent way to expand your business, but it costs money. If you’re spending too much cash on rent and utilities, a renovation can help. If your current location does not allow enough natural sunlight or fresh air inside for employees or customers, adding those features will improve the quality of the space and attract more renters. Even if you have a building that is already nice enough, you can still gain more renters by adding some of the features mentioned above.
5. You want to help the environment
Renovating your building for better energy efficiency is just one way to help protect our planet. Installing solar panels or wind turbines on your roof makes it easier for you and your employees to do your part for the environment. An energy-efficient building is not only better for the earth but also saves you money on electricity.
6. You want to improve the security of your building
Renovating your commercial space or office can increase safety by adding new alarm systems, cameras, and security doors outside every entrance. Your employees and customers feel safe in a building that looks secure. If your business is located in an area where robberies or break-ins happen frequently, you should truly think about improving the safety of your current location.
7. You’ve been approved for low-interest loans
Renovating your building doesn’t always require spending any money upfront (although that is a possibility). Your mortgage lender might approve you for a low-interest renovation loan. By getting a loan, you can add new features to your business without going over budget. Your employees will be grateful that the renovations were not expensive and still make their work environment better.
8. You want tenants in every unit of your building
The more units you can fill with renters, the better. If your current business space has empty units that do not generate any income, renovating them might be one way to solve your problem. Your tenants will pay rent to you every month, which gives you more money for other goals like expanding or upgrading your business.
9. You own commercial property and are looking to increase its value
Another good reason to renovate your building is if you have other commercial properties that you are hoping to sell. If some tenants pay rent more than the others, offering those units for sale will raise their price. The more valuable your business property appears the more people will be willing or able to buy it!
As discussed in this post, there are many reasons why renovating is beneficial for business owners. If you’re considering investing time or money into an office renovation project, you should start planning and preparation as early as now.