According to Statista data, the value of commercial building activity for the 2019 fiscal year reached more than AUD43.3 billion. If you plan to build commercial property, you probably know that it demands a lot of investment and time. As such, you need enough money and patience to ensure your project is completed irrespective of contractor delays and cost overruns. However, you can enjoy a smooth building experience by following some helpful tips. If you wish to learn more about building commercial property, consider the points below.
1. Make the right financial projections
Commercial buildings involve significant financial commitment, so it is prudent to get your budgeting right before proceeding. Construction costs are the main expenses to consider, but a lot of money will be spent elsewhere. For instance, you will incur costs when obtaining permits from the government to proceed with the construction. Also, account for all the minor tasks you will have to pay for when drawing up your budget, like insulating the building properly. Furthermore, you will have to pay for labour charges and furnishing afterwards. These numerous expenses necessitate finding the cheapest ways to build your commercial property. However, never compromise on the quality of essentials to avoid incurring even more significant costs in the future.
2. Get the right experts
The right experts are vital to building your commercial construction project, so it is prudent to be careful when choosing. You may need engineering consultants, an architect, and a contractor for your specific building. You can consider past projects these professionals have handled before deciding whether to hire them or not. Also, consider whether they have adequate experience in undertaking commercial property projects similar to yours. Furthermore, consider asking for and cross-checking accreditations when hiring any of the 12,986 architectural businesses in Australia. Finally, you may also need an interior designer to furnish the building and ensure the right colour choices in the appropriate places. For instance, an interior designer can help you pick the right colours for office spaces to boost productivity.
3. Obtain finances
You will typically need a substantial sum of money to build a commercial property. Consequently, it is advisable to start obtaining your finances ahead of time to get your construction right. You can discuss the intended construction with your bank, focusing on the costs involved and the cheapest way to build. Your bank may have experts who can generate accurate project estimates and suggest practical financing options like commercial construction loans for your project. Alternatively, you can join crowdfunding platforms like Kickstarter and GoFundMe to raise the required funds for your project.
4. Get the right documentation
All construction projects need particular documents and legal permits to be considered legitimate. Indeed, failure to produce these documents when required can lead to a penalty fine of AUD75,000 or more, depending on the building’s structure and location. Your project can even be demolished without a permit, so it is best to obtain one first through your preferred municipal or private building surveyor before proceeding with your project.
