Thinking about saving some money on your next business remodeling project by doing the work yourself?
Before you start ripping down walls and installing new fixtures, you might want to re-think whether or not doing your own renovation work is really worth it. Unless you’re a professional contractor, chances are good this is one project you might want to leave to the experts.
Here’s some key questions to consider before tackling your business remodeling project by yourself:
Do You Have The Right To Remodel?
If you rent or lease the property where your business is located, chances are good that any decisions about renovations need to be made by the property manager or building owner. Performing any work on the structure could void your lease – even if you’ve clearly improved the space.
Do You Have The Time To Take On A Renovation Project?
Running a business is already a full-time job – how will you find the time to take on a renovation project? And remember, most building improvement jobs tend to cost more, and take longer, than you expect – are you prepared to step away from your day-to-day duties while you moonlight as a renovator?
The only exception here is if you happen to operate a seasonal business, and you’re able to do your own remodeling work during the weeks or months when your business is normally closed anyhow. In that case, you may be able to forgo your off-season vacation plans and complete some of the work yourself.
What About Liability?
Even if you’ve managed to complete some home improvement projects, doing work at your place of business involves an entirely different set of standards, regulations and risks. Workplaces need to conform to a host of local, state, and federal laws, including the Occupational Safety and Health Act.
Doing your own remodeling work could fall outside the terms of your business insurance coverage, leaving you liable for any claims that arise as a result of work you’ve done – even if the work isn’t structural.
Will Doing Your Own Remodeling Really Deliver A Decent ROI?
The most common reason why business owners and managers consider doing their own remodeling work is to save money, but once the liability risks, lost productivity, and sweat equity involved are considered, you may come to the conclusion that doing your own remodeling work simply doesn’t make good business sense.
To view a full list of all the Real Estate and Construction chamber members, visit https://web.northcentralmass.com/Real-Estate-and-Construction.