So, your business is growing and you’re in need of a new space. Congratulations! This is a very exciting time, but it also comes with many decisions. Among these decisions is deciding to either build a new commercial space for your business or to buy and potentially remodel an existing space. There is no wrong answer, but there are a few details to consider when weighing your options. In this piece, we’re going to discuss some aspects of commercial construction as well as existing business modeling that you may not have considered.

Make sure your business’ needs will be met.

Before you decide to pull the trigger on remodeling an existing business space or building a new location from the ground up, think about the requirements of your day-to-day operations. What do you need? If you’re a retail store, will you need easy access to a loading dock to bring in new inventory? If you’re a restaurant, what kind of kitchen space will you need versus dining space? Even if you don’t decide to build, get an idea of precisely what you need so you when it comes time to remodel an existing commercial building, you can transform it to meet the demands of your business.

Weigh the costs of doing remodeling versus building.

Whether you’re buying or remodeling, either option will incur unique costs associated with your decision. When buying, you’ll need to factor in the costs of an appraisal of the space, the cost of the building itself, and what parts of the building may need extensive remodeling beyond just what customers will be able to see. Older buildings may have more character and be in more desirable locations depending on your business, but the upkeep of such structures is not without its own cost for years to come. On the other hand, when building from scratch, there are certain costs to consider. Are you going to need to demolish any existing structures in order to build? How much will it cost to build in access to necessary utilities like power, water, and sewage? There are a lot of costs to consider.

Determine if building or remodeling makes more sense in your preferred location.

Would you like to be located in a posh shopping district or are you fine with being near commercial services? Your ideal location may help you decide whether building or buying is in the cards for your business. New builds may be more of a headache in historic districts. However, remodeling may not be an option is suitable space does not exist where you would like to be. Think about where you’d like to do the most business and go from there.

Consider your future. Will you need to expand again?

You’re probably considering a move because you need the extra space. What if that happens again? Would you like to rent out some space to other businesses? If you are to buy and remodel existing space, expanding your business may be limited by the structures around it. However, not taking possible expansion into consideration when building a new home for your business may also put you in a pickle when you need to grow.

One thing you won’t have to worry about: who will help your business grow.

Whether you’re looking to buy and remodel an existing space for your business or maybe it’s time to start from scratch by building a new commercial building for your business, Cowen Construction can help. Our construction professionals can make your dreams a reality. Reach out to see how we can help your business thrive with experienced commercial construction services.