Remodeling your office can be an exciting time for both you and your employees. However, keeping the job within your budgetary constraints is an important part of the process. To help you learn how to budget an office remodel, we’ve put together this list of handy tips.
Determine Your Maximum Outlay
Before you begin, you should know the maximum amount of money you want to spend on the remodeling job. This will give you a guideline to work with for everything that comes afterwards. Going into an office renovation job without a set spending limit could lead you to laying out much more money than you expected to.
Compare Your Wants Vs Needs
Once you know how much money you have to spend, you can start comparing your wants to your needs. While you may want to impress your employees with a ball pit for adults, you’ll probably have a bigger need for a properly functioning HVAC system. Once you get all you needs out of the way, then you can start crossing items off your want list.
Get quotes from as many contractors as you have time for. Shoot for a minimum or three. Getting quotes isn’t just about the numbers, it’s also about determining whether you can create a good working relationship with an outsider. While price is important, finding someone you can trust is essential.
Consider Working In Phases
If your budget doesn’t cover your needs list, you might want to consider splitting it up and working in phases. This will allow you to enjoy the benefits of each upgrade without having to worry so much about your cash flow. That said, there is a trade off involved as you may find your business operations interrupted for longer periods of time.
Plan For Delays And Cost Overruns
It’s important to remember that even the best laid plans can often go awry. This is why it’s essential to plan for delays and cost overruns. If you give yourself a 10 to 20% time and budget buffer, you won’t find yourself stranded with the job half done due to lack of delays or cash. Having a contingency plan built-in from the beginning can prevent a crisis when the office remodel is approaching its finish.