Commercial Building Renovations Are Here
Renovations of existing buildings are becoming a popular trend due to the falling prices of real estate. In our current real estate market, a healthcare professional can easily find a motivated building owner willing to sell his/her building at a very aggressive price.Building renovations are not the easiest building process healthcare professionals can undertake.
The process first starts with finding a building in the right location with an approximate size requirement meeting the services needs. The next step is for the healthcare professional to establish a vision of what the building can become to meet the needs of the professional. Once these two main check points have been satisfied, it then becomes the healthcare professional’s task to select the right design professional to help with the process. As mentioned before, the process can be challenging so the selection of the building renovation team is imperative to the success of the overall project.
Selecting a Project Team:
The renovation team consists of the real estate broker, architect, and general contractor. A team with experience in building renovation work is a must. In the process of renovating an existing building, it is common for surprises to come up. In working with a team experienced in building renovations, these surprises can be avoided resulting in money saved for the health-care professional.
Due to our current economic conditions, the healthcare professional should not limit his vision for the renovation. Cost of real estate, construction, and design have reduced in the past several months allowing an owner to get more for his money.
There are building renovations taking place today where the complete exterior and interior of the building is being removed and a new look is given to the building meeting the requirements of the new owner. There are always different ways to achieve a goal but to review; the following are the basic steps to be taken should a healthcare professional want to explore a building renovation:
1. Select the area of interest or location
2. Select a real estate broker who knows the area of interest and has some experience in renovation. If your real estate broker lacks some experience, he or she can team up with someone who does.
3. After finding the proposed building, select an architect who can help you with your vision of what the building needs to become.
4. Once the architect is selected, it is a benefit to have the general contractor help with budget costing. This is not necessary, should the owner wish to bid out the contractor services, but the contractor can help with establishing the budget for renovation. This allows the owner to see if the purchase of the building, design, and construction cost are within the owner budget.
In our present economic environment, it costs less to buy an existing building than to build a new building. All existing buildings can be renovated to meet the needs of healthcare providers. There is also a “green” component to renovation; an existing building is being recycled for a new purpose.
Eric Schoppman, President of Schoppman Company, Inc., can be reached at (770) 693-9000 or visit http://www.schoppman.com.
This article was originally published March 2009 edition of Atlanta Hospital News.