Commercial buildings are an excellent way to open up financial opportunities and ensure a long-term profit margin. However, for the investment in commercial property development to be successful, it needs to be carefully planned and drawn up before construction starts.
If you are thinking of building a commercial property, then here are some top tips to help get you started, adequately manage expenses and ensure the value of the investment holds out.
#1 Enlist the help of experts
While planning a commercial build, the only way to guarantee its success is to enlist the help of experts in their field, for example, RGB Architects. Conduct your research to find qualified contractors that have experience with commercial builds. Speak to them and get to know them, obtain quotes and references, check their registration and licenses, review their portfolio of previous work, and ensure they understand the relevant and most recent laws and codes surrounding construction. Most importantly, make sure you feel confident that they can deliver your project to a high standard, and on time.
#2 Determine the size
The size of the commercial build is vital, as this will determine the rest of the project, for example, the budget, the building materials, and the structure. These parameters should be communicated to everyone and every contractor involved in the build, and include dimensions, heights, and spans.
#3 Budget for expected and unexpected costs
Once you have determined the design, it is important that you liaise with the contractors and developers involved in the build, to obtain a detailed list of approximate costs before you begin construction. This will enable you to determine when the project can start, as extra money may need to be budgeted before starting. It is vital that you put some of your budgets aside for any unexpected costs so that you can reduce issues and delays along the way.
#4 Permits and licenses
You should obtain the relevant and necessary permits, licenses, and insurance policies before starting any work or hiring any contractors. This will eliminate any costly delays or penalties that you may be hit with if you do not, and ensure your project can go ahead as planned. Your contractors and architects should be able to help advise on the necessary precautions that you should take in the initial stages.
#5 Keep communication flowing
Communication in any project is key and is especially important in a commercial build due to the size and costs that are involved. The success of the entire project will come down to communication. Make sure this is open and flowing from day 1, by getting all the contractors and individuals involved in the project acquainted beforehand. This will reduce any problems, conflicts, or delays with the timeline and ensure a smooth commercial build.
There are many important factors that you need to consider when investing in a commercial build. Make sure you conduct thorough research into the project, costs, permits, and contractors before agreeing to anything. This will take time at first but is guaranteed to eliminate costly delays and issues later down the line.
