Possible system upgrades
New building codes are constantly changing, and it’s likely that additional requirements have gone into effect since the time the original building was built. If you choose to renovate, you may be required to bring the entire building up to the current code. This can potentially change the cost, depending on how old or outdated the existing building is, and how much additional work is required to meet current building codes.
Cost – long term & short term
After every angle has been taken into consideration, how much will the renovation cost in the long and short term? More specifically, is it worth the cost compared to simply building from the ground up? This can be difficult to determine since there are so many moving parts. For example, renovating a building while it is in use will have a much different scope of work than renovating a vacant building.
Location
Renovating a retail store in an area where there is no economic growth is a good example of why the location is crucial. Is the building in a location where renovations will generate a return on the investment?
Building history & structural integrity
Is this the first time the building will be renovated? What is the lifespan of the original structure? Are accurate records available for past upgrades or renovations? The history of a building speaks a great deal towards how long it will be able to serve a purpose from a physical standpoint, but there is also the possibility that the building has sentimental value for the community. It’s important to take both of these factors into account before making a final decision.
Intended use of the building
Not all renovations are a matter of taking something old and giving it a simple facelift. Some renovations require a complete transformation both inside and out. For example, turning a retail building into a school may require structural reinforcement, upgrades to sewage systems, or other drastic changes. It’s important to do your research on how the intended use will change the requirements of the project.
Potential Hazardous Materials
Asbestos, certain paints and cleaning materials can have a substantial influence on the cost and progress of renovation, given the current laws surrounding these chemicals. If you suddenly find these chemicals in the middle of a renovation, it can cause time delays and rack up additional costs.