If you have decided to construct your own building for commercial purpose, it involves a huge investment of money and time. First things first, you need to be sure if you are making the right move for the betterment of your business. You should ask yourself if the constructing idea fits your company’s requirement. Do you think the extra space will increase productivity and give room for more profits? Or do you want to construct the building for renting purpose to earn more revenues?
Determine your main objective
Well, these are some of the basic questions you should ask your mind to figure out the prime motto behind the construction of the building. There are many companies offering architectural solutions or look for a good architect online. If you are determined to take up a construction project, you should be committed as an entrepreneur. You should be involved in the decision making process on a daily basis, which may keep you away from your daily operations.
Evaluation of suitable options
Consider scenarios such as renovating the existing space, purchasing another building, renting out office space, and if you are in doubt, consult a reputed designer in Brisbane to help you in evaluating the situation. Also, a financial advisor can help you in determining the cost involved in the project and the investment required from scratch till the end. By doing so, you can make best of revenue projections, which makes you more confident when dealing with lenders. When you make realistic projections in terms of revenue, you can better handle a project without putting your financial health at stake.
Get the permit in place for your building
The next step is to ensure that you have fulfilled all rules using the right permit. Construction without a permit is definitely not an option one can choose and hence it is advisable to consider this as early as possible. As far as the rules are concerned, they may vary depending on the kind of project you are taking up. There are different rules for constructing new offices, renovating the existing premises or redoing the building in terms of its appearance. Consult your local municipal office to understand the do’s and don’ts of a permit.
Keep your bank advisor in the loop
It may not be possible always to predict the right cost involved in a specific project. Therefore, you should be prepared to handle the extra costs with a plan that represents approximately 5 to 10 percent of the overall project cost. Never wait till the last minute to check your bank for your financing requirements. Your bank should be involved from the very beginning of the project. Lastly, choose the right contractor to complete your project after checking the history of the company.