In our last newsletter, we looked at the pros and cons of taking on a project to build brand new from the ground up. Another option, of course, is to find an existing building and renovate it to suit your needs. Like any major project, there are pros and cons to renovating as well.
A Head Start. An existing structure already has a foundation, utilities, windows, exterior support and a roof (among other things). Now, these may need to be updated or replaced, but they exist, and if they’re in good shape, they can shorten the timeline for your build considerably.
Financial Benefits. Most cities have funds available to businesses that renovate or update existing properties. There may also be property tax breaks or additional incentives from state or local governments to transform an older building into your vision for your company.
Location. If you’re looking to move your business to a densely populated area of the city, renovating an existing building is sometimes the only option. Space for brand new builds can be far outside the city center and may not work as well depending on your needs.
Advantages of Renovating an Existing Building
Character. Existing structures in your city have history and character that take time to build. Locating your company in a recognizable or historic building speaks volumes about your brand and values.
A Head Start. An existing structure already has a foundation, utilities, windows, exterior support and a roof (among other things). Now, these may need to be updated or replaced, but they exist, and if they’re in good shape, they can shorten the timeline for your build considerably.
Financial Benefits. Most cities have funds available to businesses that renovate or update existing properties. There may also be property tax breaks or additional incentives from state or local governments to transform an older building into your vision for your company.
Location. If you’re looking to move your business to a densely populated area of the city, renovating an existing building is sometimes the only option. Space for brand new builds can be far outside the city center and may not work as well depending on your needs.