A successful business is one that can grow and change – new people hired, new skills developed and investments in innovative technology are made. These types of changes may lead a company to outgrow its current space. In which case they must ask themselves: Do they build something new, remodel or expand?
While a project consultation will provide you with information to decide which project type is best suited for your business, here are the pros and cons of each option.
- Freedom of selection: Location, size, floor plan, features; you name it, you got it.
- Brand new facility: Once completed, your brand-new facility will be ready to support operations for decades to come.
- Your brand, reimaged: A nice side bonus is the chance to reimage your brand. With a fresh physical appearance for your company, it could be a good time to refresh and reimage your brand in the consumer’s eye.
- Expensive: Materials, planners, designers, construction crews, land. There is a lot to buy.
- Lengthy process: Starting from scratch may be a longer process than remodeling or expanding; and it can get longer with delays.
- Relocation: If land in your area is too expensive or local codes too restrictive, you may need to relocate further away to avoid both.
- Less time: Remodeling projects tend to be completed the quickest.
- Less expensive: Generally speaking, remodeling is less expensive than starting from scratch.
- Efficient: Remodeling allows your company to remain in its current location while making better use of the current space.
- Delays and overruns: Sometimes contractors run into unexpected problems that cause delays and cost overruns.
- No new space: Remodeling can address functional needs, but rarely adds more space.
- Noise and disruption: Interruption of power, dust, noise, staff and customer flow are just a few concerns that should be considered before undertaking a remodeling project.
- More space, few disruptions: Expansion adds space onto your current facility with few disruptions to daily operation. Usually, your new space can be constructed with little negative impact on your staff or clients and once completed staff can be moved and the old space can be remodeled.
- Fresh space: Expansion creates fresh space in the building that can accommodate 21st-century technology without expensive upgrades that exist in remodeling projects.
- Moderately expensive: On the plus side, expansion generally costs less than new construction projects because the scale is much smaller.
- Moderately expensive: On the other hand, expansion can be more expensive than remodeling due to material costs, time delays, and cost overruns.
- May not address function: The new space created is ready to accommodate 21st-century technology and gives your company more room, but what about the old spaces still in use?
Consider Your Needs
Before selecting any of these types of construction, your company needs to carefully consider what needs the project addresses. Contact JP, we can answer your questions and provide a cost comparison to help you to determine which option is best.