Buying a house for the first time can be an exciting and daunting time. Because it is so exciting, you could risk not making a number of important considerations. When it comes down to it, a home will be the biggest investment you will ever make. There’s no turning back after you’ve completed the process of applying for a loan, signing the purchase agreement and finally getting the keys. So, in order to avoid some of these house hunting mistakes, it is imperative to know what they are. Simply avoiding them will also help you avoid a slew of other issues too. Here are five common mistakes first time house hunters make.
As a small business, your office is everything. You can think of your office like an incubation center where your business grows and prospers. And there may come a time when you need to shed the old office skin for a new look. When renovating your office, it may be important to include a new boardroom or even an open space for retail transactions. Whatever the reason is, you want to make sure that you create a budget for your office renovation. If you don’t, costs could get extremely out of hand. If that happens, you could put your business in a particularly delicate financial situation. Here is how to estimate office renovation expenses for your small business.
First, you want to find out the average cost per square foot required to renovate office space. You can then take the average and the square footage and do the math accordingly. While this will only give you a preliminary average, it is a great place to start. In most cases, the cost per square foot is about two hundred dollars – this will include top to bottom construction, materials and a number of other expenses that go into the renovation process.
Another important expense to include in the budget is contracting fees. In most cases, you will need to hire two major contractors for the renovation of your office. You will need a general contractor for the actual construction and you will need an electrical contractor. So, you need to speak with different contractors in these two fields to find out what their hourly rates are. In most cases, you will get varying rates, but those are often dependent on reputation and performance. In the process of getting rates from different contractors, you will probably have different contractors competing for the job – eventually you can go for the most qualified contractor that offers you the best rate. Make sure, though, that you do a sufficient background check to make sure the contractors you hire are permitted and legally allowed to complete office renovation projects.
Next, you want to include all the equipment fees. For instance, you will need some heavy-duty equipment, like jackhammers and rough terrain cranes. In most cases, the contractor will be renting this equipment or hiring a construction crew that already has these tools, so you want to make sure how much they cost, so that you can incorporate it into the final tally. If you don’t, you may be quite surprised when you get the final invoice. Plus, learning about the price will allow you to perhaps find a better deal on equipment leasing.
Lastly, renovating an office space is a big deal, but it may be necessary if you are ready to shed your old skin and enter a new phase of your company’s growth. But before you break ground, you want to make sure that you have a detailed budget mapped and laid out. Without a budget, your renovation plan could very easily reach exorbitant heights that make it impossible to finish the project. In the end, the more detailed you are about the construction costs, the more smoothly and efficiently everything will move along.