Buying commercial space for an office can be very expensive, and the cost will depend on many factors, such as the size and location of the property. According to a 2020 survey conducted by Statista, the average price per square foot of commercial space in the United States was around 18 US Dollars. This underscores the need for business owners to carefully consider their budget before purchasing office space in the country.
In addition, to purchase price and leasing costs, other considerations must be considered when buying a commercial space for an office, such as taxes and utility costs associated with property ownership. Property taxes are usually based on the property’s assessed value, so they could increase over time in areas where real estate values have been growing fast in recent years. Similarly, utility bills also vary depending on usage and type of service provided by each provider, which could add significantly to regular overhead expenses associated with owning a commercial property.
Unfortunately, you might want to reduce expenses by purchasing an old office space that has not been renovated or updated. Purchasing an old office space could be more cost-effective than buying a new one, but certain risks are involved. Still, the transitions might be more achievable than trying to fit a brand-new building into an existing budget. Here are a few tips when considering buying an old office space.
Order Building Inspection
When considering an old office space to turn into a modern one, it is essential to order a building inspection. This is because a building inspection will provide a comprehensive overview of the state of the property and its “condition.” It can help identify any potential issues with the property that may need to be addressed before any renovations or improvements begin. A building inspector will also conduct tests on various components of the property to ensure they are in good condition and meet current safety standards. In addition, they will check for any signs of structural damage or necessary repairs that may need to be addressed in the future.
By ordering a building inspection before investing in an old office space, you can understand what work needs to be done upfront so that you can plan accordingly for your desired renovations or upgrades. Furthermore, it will give you an idea of what materials and equipment are needed for the project and how much it might cost to fix existing issues or upgrade specific components to bring them up to date. Lastly, suppose any potential legal issues are associated with purchasing an old office space, such as zoning restrictions or permits required to make changes. In that case, a qualified inspector can help you understand what needs to be considered before closing the deal.
Ensure Building Systems are Functional
Before committing to old office space, you should also ensure that all the building systems are functional and up-to-date. Some old buildings may have been built before modern building codes were introduced, so it is crucial to ensure these meet current standards for safety and performance. It is also essential to check that all windows, doors, walls, and floors are solid enough to withstand regular use.
Here are a few systems to ensure that they are functional:
The ventilation of any building is essential for the health of its occupants and their productivity. In an old office space, it is necessary to ensure that the HVAC system is up-to-date, as old methods may not provide adequate ventilation.
The electrical system of a building should also be checked before purchasing an old office space. Wiring can be outdated or worn out in older buildings, so it’s essential to ensure they are safe and functional. Additionally, you will want to check the lighting fixtures in the building and replace any that are not up-to-code with energy-efficient LEDs. It would be best to get commercial electrical installation services for this strategy.
The plumbing system in an old office space should be checked for any damage or leaks that could cause a problem down the line. It is also essential to check the water pressure, as this can affect the efficiency and productivity of those working in the building.
Finally, it is essential to ensure that any security features, such as locks and alarms, are up-to-date. Old buildings may not have the latest security measures in place, so it would be wise to get a qualified technician to assess the property for potential vulnerabilities and rectify them if needed.
Install Modern Technology
One of the advantages of buying an old office space is that you can install modern technology to help improve its functionality and efficiency. This could include everything from installing new computers, servers, and other types of technology to adding automated lighting systems or security cameras.
One primary example of modern technology is smart lighting systems. These systems allow you to control the lights remotely and set them to turn on and off at certain times of the day or night. This could help save energy costs in the long run and provide extra security for your building. Additionally, you can install video surveillance cameras that will help increase safety and deter vandalism or theft.
Investing in modern technology will make the most out of your old office space without spending a significant amount on renovations. It will also allow you to customize it for your particular needs and make it more efficient for those who work there.
Buying an old office space can be a great way to save money and still benefit from owning your commercial property. However, it is essential to do your due diligence before committing to any purchase, and with these tips in mind, buying an old office space for your business should now seem much less daunting.