Before deciding whether to simply renovate an existing building or construct a new one, you may need to consider several important factors. Considering their own unique set of advantages and disadvantages can help you see the bigger picture and make a more informed and smarter decision. Before we take a closer look into each option, here are some general considerations to look at:
● Cost – Your budget plays an important deciding factor whether to renovate or construct a new building. Once you know the total cost of each project, you will know whether you can afford to build a new one or if renovation is a more sound and cost-effective option for your budget.
● Safety – Hire a professional contractor to perform a thorough inspection on your building. They can determine the level of deterioration on the building’s solid foundation and structure. Their records will provide information if a renovation provides a viable solution to the problem.
While renovation is considered to be more cost-effective and sustainable, it might not always be best choice when you weigh your long-term goals and other factors.
● Potential System Upgrades – New building codes and additional requirements have been put into effect since the time of the building of your commercial establishment. When you choose the renovation path, you are required to abide by the current codes and requirements, which could mean extra costs depending on the decrepitude and additional work required.
● Purpose of the Building – There is more to renovation than giving the old building a simple facelift. There are some cases in which the building may require a total transformation both inside and out. Take for instance; converting an old school into a retail store. It may require structural reinforcement, plumbing system upgrades, and other drastic improvements.
● Hazardous Materials – There are certain hazardous materials, such as asbestos, paints, and cleaning agents that are prohibited by the current laws. If the old building used these chemicals, it can cause delays and additional costs.
● Environmental Sustainability – The construction of a new building gives you more control when it comes to energy conservation. The design, building materials, floor layouts, and both electrical and plumbing system can be built with energy efficiency in mind. This leads to a significant reduction of the energy cost in the long run in compliance with Canada’s national energy code.
● Modern Technology – New construction allows you to equip the building with the latest in modern technology, especially when it comes to electrical and HVAC systems. Integrating the newest technology adds efficiency and productivity in the workplace.
● More Efficient Layout – Constructing a new building allows you to design its floor layout more efficiently than renovating or converting an existing building for different use. Additionally, renovating an old building could cost you more money in the long run.
● Less Maintenance – Because new materials are used during the construction of a new building, it means less building maintenance in Toronto by PT General Contractor will be spent on the building over a long period of time.