11/12/2024
Insights
Whether you own or lease a commercial space, refurbishments and renovations can be an integral part of your business. They spruce up offices, shops or any other building types, which can help attract new tenants or make customers and employees feel at home when they enter. However, it is not always easy to distinguish between the two and while the terms seem as if they can be used interchangeably, they are actually very different.
Within our article, you can learn the difference between commercial property refurbishments and renovations while getting a better idea of what they entail.
Refurbishment vs renovation: What is the difference?
Typically, a commercial property refurbishment refers to improving or updating your building without major structural changes. The project tends to focus on enhancing the space’s functionality and appearance, ensuring it fits the needs of your clients or staff members. A commercial property refurbishment may also be done to meet the standards set by industry bodies or the UK government.
Commercial property renovations, on the other hand, often involve more extensive work. This may include structural alterations, layout modifications or restoring a building to its original condition. Undertaking a commercial property renovation not only improves the aesthetics but also provides a better foundation for your everyday tasks.
Commercial property refurbishment examples
As mentioned, a commercial property refurbishment usually involves surface-level adjustments. Some ideas to consider include:
- Installing carpets or flooring
- Updating the interior to match your branding
- Redecorating walls
- Enhancing energy efficiency
Commercial property renovation examples
Commercial property renovations, however, require more wholesale changes. This may mean you:
- Convert a warehouse into a modern coworking zone
- Completely gut and rebuild a restaurant interior with a new kitchen or dining layout
- Make large design modifications to a shopping centre to attract anchor tenants
- Upgrade plumbing or electrical systems
Are commercial property refurbishments and renovations expensive?
Any project that can take your space to new heights is likely to incur costs, but these should be viewed as a positive investment. As you can imagine, commercial property renovations are typically more expensive due to the complexity of the tasks, so you will probably need to hire specialists to carry out the work. These professionals rarely come cheap and the added material expenses can make the final sum extremely sizeable.
A commercial property refurbishment can still cost a lot but there are more ways to keep the price down. Jobs like painting the walls or adding branded assets can often be done yourself, meaning you should only have to pay for the materials. That said, installing flooring or energy-efficient features should probably be left to the experts for the best results.
How long do commercial property refurbishments or renovations take?
Defining the timeframe for a commercial property refurbishment or renovation can be extremely difficult, and it is usually only your contractor who can answer this question. Generally, a refurb can be done much faster and the process can be sped up by completing some of it yourself.
However, if you are undertaking a larger renovation project, you will be relying on the availability of construction materials and professionals, which can significantly impact the completion date. It is best to keep an open, honest conversation with your contractor at all times, so your expectations are kept in check.
What is the process for a commercial property refurbishment or renovation?
While you may have plenty of ideas for your commercial property refurbishment or renovation, getting started is not always easy. You may wonder what this process involves and here is an example of how your project might look from start to finish:
1. Define your objectives and budget
2. Assess the property
3. Plan the design
4. Obtain planning permission and approvals
5. Hire contractors and suppliers
6. Prepare the site
7. Begin construction work
8. Monitor progress
9. Final inspections
10. Completion and handover
We understand that this might seem like a lot, but we can assist you every step of the way. The Eddisons Projects and Developments teams are experts in this field, so contact us to speak to a specialist.
Start your commercial property refurbishment or renovation project today
Whether you want to get started now or just need help reclaiming VAT on a commercial property refurbishment, Eddisons is here to help. We have over 180 years of experience in the industry and more than 450 brilliant people ready to support your commercial property refurbishment or renovation. Be sure to read our positive reviews to see why we are trusted by so many.
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