Avoiding renovation costs: relocating your business may be the best move you’ll make | HKC Property Consultants

Avoiding renovation costs: relocating your business may be the best move you’ll make

There comes a time in every growing business’s life where a major decision must be made about the future: to relocate your business, or face the renovation costs and inconvenience to update current premises?

Whether it’s an influx of additional employees, or the need for a new set-up, often an office relocation is the superior option.

Aside from the pros of a refreshed perspective and the chance to set the tone for a new era of your business, here’s a few reasons why we believe business relocation is best for the future of a company’s goals.

Business renovations kill productivity

It’s not just renovation costs that you need to worry about when considering the relocate or renovate question. Renovations that occur while the business is continuing daily operations can be a big distraction for the business owner and employees. The noise, the dust and workers in and out can also be problematic for customers.  You may even need to shut down temporarily if the business renovation is a big one and this won’t be good for cash flow or continuity…

An office relocation on the other hand, means your company can keep operating at the first location until the move-in date arrives, and then relocate when the new property is ready.

Renovation costs: you’ll save more money if you relocate

Although the costs may not be too different if all you require is a new coat of paint, most business renovations are far more costly than an office relocation. If you choose to renovate, as the renovations progress you’ll often be hit with new and higher-than-expected bills along the way.

When you relocate, the cost will be straightforward, and you’ll know exactly what you’re getting in the new property without the need for renovation costs.

You’ll save more time

Renovating has a habit of eating up the hours in a day. Any substantial business renovation is not a one or two-day occurrence – it takes weeks, often months. A business relocation by contrast, can be planned well in advance and with good office removals help can be achieved in a day or two. This way, you can get settled and back to business in no time at all.

You might not be able to renovate

If you’re leasing your commercial property, you will have to get permission to undertake your business renovation. There will also likely be restrictions in place as to what you can do with regard to renovations to the property, and you will have to abide by these restrictions. In addition, what you might want to achieve with the renovations may not suit the owner’s future needs for the space. Depending on the terms of the lease, it may not be possible to renovate at all.

How to avoid renovation costs when relocating your business - HKC Property ConsultantsWith a business relocation, you’ll likely be moving into the space “as is” and will know what you are getting. You can choose the new space based on your company’s current and future needs without having to negotiate with the landlord over what you can and can’t change.

The renovate or relocate decision should be a carefully considered one, as you want to be sure to have the best possible space for your business. You’ll need to consider your current budget and whether your business can afford to lose out on productivity if renovations are too distracting.

Ask yourself the following questions:

  • Can I afford renovation costs?
  • Which would cost more – office relocation or a new fit out?
  • What would better support my business expansion – a new office space, or an adjustment to the existing one?
  • Will daily business operations be able to continue as usual with a business renovation?
  • Which option will be better for the business in the long run?

In any case, a business relocation gives your company the chance to expand with a new perspective. If you get expert support with your business relocation research and plan the move well, you may find that a relocation is the key to the next stage of your company’s development.

If you’re looking to avoid renovation costs and relocate your growing business, HKC Property Consultants can help you find the best new space for your company’s needs.  If you want the benefits of our comprehensive experience and knowledge of Melbourne’s commercial property market options, get in touch today.

Kevin Cassidy (BSc) Hons
By: Kevin Cassidy (BSc) Hons

Kevin has been involved in Real Estate on an international scale spanning from Ireland, the United Kingdom to China & Australia. Originating from Ireland, he completed an RICS accredited Bachelor of Science degree in Property Investment & Development. Following this Kevin focused the initial years of his career in Commercial Property Management whereby he managed a diversified property portfolio throughout the UK to include residential apartments, office buildings, shopping centres, retail parks, standalone retail units & industrial warehousing. Managing these varied assets in some of the major cities in the UK gave him vital experience within the Real Estate industry.