The thought of remodeling an office space can be daunting, especially when you start to think about how to prepare a budget for the project. There are liteally dozens of things to consider, including finding an experienced and trusted contractor.
Here are the main factors to consider when planning budgeting for an office space remodel to help you get started.
4 Considerations When Budgeting For Your Office Space Remodel
1. Size And Condition
One of the important factors in budgeting for an office remodel is the size of your space. Most online rough estimates of office remodeling talk about the cost per square foot, as this is a good guide. Of course, a proper contractor will give you a full itemized quote.
But the larger your office, the more materials you will potentially need. Many materials are priced per square foot, so this is one way to create a budget.
Before embarking on any remodeling, take stock of your current office space and understand what is working and what isn’t. This can help you to prioritize changes in remodeling, as well as keep certain parts of the office the same to save costs.
2. The Nature Of The Remodel
Cosmetic remodels will cost less than structural ones. So it’s important to know what changes you want and what changes are absolutely necessary. For example, if you need additional space, you’ll have to budget for new construction, not just remodeling.
If you need to make major upgrades like installing a bathroom, you need to set aside an additional $10,000-15,000 for that alone.
If one of your reasons for remodeling is getting things up to code, you can expect to spend a lot more than a largely cosmetic remodel. For example, if you need to install a new sprinkler system in a medium-sized office, that will set you back anywhere from $5,000 to $10,000.
This is why it is so important to get everything fully inspected before starting your remodel so that you know exactly what needs to happen and can budget accordingly.
Talk to your contractor about areas in the budget where you could save money, like the materials used, to keep your remodel on budget.
A good contractor will be able to adapt and show examples of how they kept projects on schedule and under budget even with scope changes. There are certainly many easy tenant improvement renovations to look at as an alternative to a full remodel.
3. Professional Fees
When it comes to office remodeling and tenant improvement services, you need to bring in the professionals. This can include architects, inspectors, designers, and, of course, a local general contractor.
Most professionals will charge by the hour, so the cost of hiring them will depend on the size and scope of the project. We recommend reaching out to a contractor to start the process of planning your office remodel.
In addition to the professionals planning and managing your office remodel, you also need to budget for the labor to actually do the work. Your labor cost will vary hugely based on other factors in your remodel. A good starting point is to set aside 10% of your budget for labor.
4. Materials
An area where you have the most control over your budget is in the materials used. There is a huge range of materials and finishes available for office remodels. Working on a budget certainly doesn’t mean that your office will look cheap.
A good example of how much materials can vary is in flooring. A simple concrete floor will give you an industrial look and cost around $2 per square foot. Wooden floors give a luxurious feel but can range from $7-12 per square foot.
If you opt for wood-style vinyl, however, you can have a similar effect for as low as $4 per square foot. These are all good-quality floor materials, but they make sense in different contexts.
Concrete floors work in industrial buildings but otherwise can look strange. If clients will be in the office frequently, then opting for higher-end finishes can be a good investment and help you make a strong impression.
When budgeting for materials and finishings, think about the existing style of the office, the design you are going for, and how the space will be used. Your contractor will be able to help you find the perfect balance of quality and budget-friendliness.
Conclusion
Now you have an excellent starting point to start budgeting for your office remodel. Office remodels can be expensive, but if you plan properly and work with a great contractor they can be completed under budget.