How much does a renovation cost to renovate a...?

We frequently get email messages or phone calls that begin with, Can you tell me, how much it costs to renovate a __________________? ( new restaurant, specialty retail store, office, etc.) When we explain that there is no simple answer to that question, some people get annoyed! I just want to know how much it costs, on average? is frequently the next question. Again, there is no simple answer to that simple question. Until you can answer all the following questions, any amount would simply be a guess. WE DON'T GUESS. Our professional credibility and your good financial decisions, always depend on accurately determining realistic project costs.

Do you already know ALL THE ANSWERS to:

Zoning for the building? How big is the floor space? Do you require fire sprinklers? Seismic/structural upgrading? Accessible washrooms required? How old is the building? City Bylaws upgrading required?	Floor and wall finishes? Drywall or T-bar ceilings? Upgrade electrical service? New HVAC or make-up air system? Glazing and insulation upgrades? Millwork and built-in cabinetry, type? Exterior re-finishing required?	When was it last renovated? When do you plan to open? Engineering requirements? Lighting upgrades? Plumbing upgrade? Fire separations required? Accessible entrances required?

Until you can answer all of these questions (and more) accurately, you can't develop a realistic renovation budget. Since the individual component costs can easily vary by several thousand dollars, depending on both the City requirements and your design choices, a total budget cost would be a complete mystery until you can make the necessary budget decisions. Every decision you make, or don't make, will affect the final cost of your project. When you understand that everything affects everything else, you will understand why making decisions early in the design process is so important. Changes during construction can be very expensive.

Developing a realistic budget is a process

We follow a similar process for every commercial renovation project. First, we conduct a thorough inspection of the space, photograph most of the existing components and note potential problem areas. Then we learn everything you can tell us about your potential customer, long-term marketing plans, space design concepts and YOUR initial renovation budget allowance. After detailed discussions, if you're not realistic about the possible final costs, we stop right here. Although we don't provide free estimates, your costs to discover a project's financial feasibility are usually under $1000. It could be the best renovation investment you make.

If you've already signed a lease agreement with a possession date that is less than 8 weeks away, please don't call us. We have learned to avoid projects that have a completely unrealistic time frame! After submitting the final project drawings to the City Building Department, you can frequently wait 4-8 weeks just to get a renovation building permit issued. Call us before (or during) the lease negotiations, or don't call.

Renovation costs are controllable

When we both agree that you have a good understanding of your potential renovation costs and a completion scedule, we move into the design stage. Space planning, layout and detailed drawings, sub-trade specifications and a realistic completion schedule need to be determined BEFORE we can determine a real budget figure. When you have all the final paperwork, you can get fixed price quotes from the various contractors and suppliers. Then you'll KNOW the real costs.

Good project planning, will reduce unexpected costs

We have seen the financial nightmare created by moving too quickly to find a location, sign a multi-year lease and then discover that you can't afford to renovate and open a business. Hiring a professional lease negotiator should probably be your first step. Commercial real estate agents will frequently paint a rosy picture of the renovation costs, potential customer traffic and overall profitability of a particular location. They make their money by leasing a commercial space at the highest possible rates. They probably don't have your best interests very high on their priority list!

We may not always tell you what you want to hear, but we always tell you what you need to know.

Contractor Watchdog Services was formed because the current system simply doesn't protect commercial tenants and Landlords from:

Related commercial design and budget planning information

• Important renovation planning steps
• Your Legal responsibilities
• Designing a retail store
• Planning tenant improvements
• Common renovation myths
• Good restaurant designers

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We provide commercial renovation project planning, budgeting and design services to lease space clients in Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Delta, Richmond, Surrey, White Rock, Langley, Maple Ridge and Pitt Meadows, BC.

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