Commercial construction is a huge investment that can offer a massive payout or could lead a company to bankruptcy. If you’re ready to take a leap into building a property for your company, it’s vital that you get to know the important parts of every building to consider.
These are the top considerations everyone should make before investing in commercial construction.
Local Zoning Laws and Permits
Check with the local government about what zoning laws and permits you need to keep in mind. Some areas, especially if they’re tourism-heavy, have a limit on how many multi-family and temporary rental units can be built within certain portions of the city. These contracts can be hard to win, and it’s vital to know ahead of time if you’ll have to relocate where you’re considering buying land. Get in contact with local professionals about what permits you’ll need to build and what time restraints and fees this type of build will call for.
An Ideal Location
What’s your business for? Are you going to need a ton of employees, or are you looking for high-paying tenants? If you’re looking for either of these, you’ll need your property to be in a metropolitan area that has a lot of people in it. Otherwise, you can spend a ton of money on an incredible property and find that none of the local tenants are able to meet the specifications you want for them to be able to rent from you.
Look at the local area, and ensure you’re not making a huge mistake.
Consider the Market You’re In
What does the market look like in your area? Is building this property a good idea right now, or are you making an unwise investment? Although you may think you have the golden egg, and it doesn’t matter what the market looks like, you could find yourself in a lot of debt if you don’t talk to a professional who knows what’s going on in the market.
This is especially true if you’re constructing this building so you can immediately sell it. You want to make sure that market projections are saying that by the time you’re ready to sell the property, it’ll still be valuable and worth buying.
Pick a Contractor and Architect You Trust
You need to work with a team you can trust. The last thing you want to do is pour hundreds of thousands of dollars into constructing a property that fits your needs, only to find out your contractor or architect made major mistakes that will cost you a lot of money later.
Seek out professionals that have great reviews, have worked in this field for years, and are affordable within your budget.
Save Money Through Smart Materials
Smart materials are an awesome way to save money in the long run. This means using products like precast concrete panels, which save money and time and investing in energy-efficient products like smart thermostats. These aren’t cutting any corners and won’t leave your building in worse condition, but are, in fact, more affordable upgrades that will save you a lot of money in the long run.
Consider Mail and Storage Spaces
Mail and storage are a big deal, regardless of what type of building you’re creating. Putting in multi-unit mailboxes will keep mail in order, stop theft, and will give your tenants or employees somewhere they feel safe to retrieve their items.
Storage also matters because it’s a great way to save money on exterior storage as a company and a way you can have your remnants spend a little more every month if they want to use these spaces. When done well, storage is an awesome addition to any building.
Noise Reduction Is a Must
Noise reduction is your friend! Whether this is a multi-family rental property or it’s an office space for work, noise is a disturbance nobody wants to deal with. The quieter you can make your building, the less drama and stress you’ll have within the property.
You can do this by adding acoustical underlayment to stop any noise and by using sound-canceling materials in your carpet and ceiling paneling.
Safety Consideration for the Building
How safe is the building you’re creating? Talk to a professional who knows what the local and nationwide laws are for this type of construction, and make sure you’re not missing any details. Things like smoke baffles and emergency lights, and exit signs may pass the mind of some investors, but when it’s time to get your building into motion, the additions save lives and protect your investment in the long run.
Make sure every step of construction is done with safety in mind.
Your Business Can Thrive!
Commercial construction is a huge and expensive project to take on. Before you start, make sure to follow some of these tips so you’ll come out flush with cash on the other side.
Brian Jeffries is a freelance writer that loves sharing his knowledge and expertise on construction projects and materials. He lives in Winter Park, Florida where he enjoys spending time with his wife and working on projects in his spare time. Brian’s work as a freelance writer can be found on Building Product Advisors, a new construction industry resource launching in Fall 2022.