Every company's office space is directly linked to its employees’ productivity and morale. It also affects the impression you give existing and prospective clients. So, it is important to consider whether a renovation is enough or if you need to rebuild your office from scratch.
Take a look at the scenarios in which it is ideal to opt for a renovation and when it is time to splurge on building a new office. This way, you’ll be able to make a decision that makes the most sense for your business.
When you should choose to renovate your office
If your office is already well-equipped
If your office has the best systems, software and equipment, a renovation will suffice. You can easily upgrade anything you want, like changing the plumbing, repainting the interiors or buying new furniture within the same space. A business loan can easily help you fund these upgrades.
If your office holds practical or sentimental value
If your current office space is where your company was founded, it might feel like your firm’s identity. Secondly, if your office is in a prime business district or where you get walk-in customers, you may want to stay right there. In this case, you can consider renovating your office to combine the best of the old with the new.
Additional read: Need urgent finance for your small business? Choose a Bajaj Finserv Business Loan
If your company completed a merger or acquisition
Merging with another enterprise usually results in the need for a larger workspace and more facilities. If your office is spacious enough, you can renovate it to give your interiors a new look. You can also change the layout to accommodate more people and equipment.
If your office is in an older building
Old offices aren't usually fitted with energy-efficient technology. If this is becoming a major expense, you can add more energy-saving products to the workspace. This can include double-paned windows (to avoid temperature fluctuation) and compact fluorescent lamps with energy-efficient lights, solar-powered fixtures, and ACs.
If you need better access to resources
Even if your office has lots of space, clutter can cause chaos and inefficiency. Also, as you grow and diversify, your existing layout may no longer be as useful. Renovation is ideal in either of these cases.
When you should rebuild your office
Additional read: The top 5 reasons companies apply for a business loan
If your office needs a technological overhaul
Certain buildings or spaces are unsuitable for modern technology. If your business relies on electrical systems, heavy equipment and machinery, it is better to rebuild.
If you want to create a new identity
If you feel that your office environment doesn’t fuel productivity, consider building it from scratch.
It gives you a clean slate to construct an office to your specifications. If the appearance of your business is of prime importance, this option allows greater freedom.
If you need to make structural changes
If you want to make structural changes to your office to make better use of space, building from scratch can be more cost-effective. These projects are expensive and could require permissions when renovating. A business loan can fund this project.
If you want to be sustainable
While renovation works for small changes, building an office allows you to make major alterations. It can improve energy efficiency, for example, as you are free to use new building materials, floor plans, and electrical and plumbing systems.
If you want to reduce maintenance costs
Since constructing involves using new materials, you won’t have to worry about maintenance costs for a long time. You can also get a construction warranty. This ensures that you enjoy low maintenance costs for years.
While you renovate or rebuild your office, consider working remotely, or provide your employees with an alternative, like a co-working space. Remember that whichever option you choose, you'll have to bear a significant expense, so look into business financing options to help you.
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