The commercial building construction industry generates 194.3 billion dollars in revenue annually.
Have you considered constructing a commercial building? Do you have a plan of where you would like to build? What type of building would you like to build?
There are many factors to consider before you start building. Keep reading to learn more information about building a commercial building:
1. Location
You have likely heard the phrase “location, location, location” and it is an extremely important part of the construction of your commercial building.
This location should be ideal for both your employees and your customers. If the location is difficult for your employees to commute to, it could affect your hiring in the future. Clients will want to walk into a building that is easy to navigate and not confusing to find where they need to go for the meetings.
2. Insurance
Insurance is very important. You need it to build and you will need it after you build when your team resides in the building.
Finding a cheap builder’s risk insurance will help you save money and meet liability concerns during the construction process. Building insurance will help protect you from any lawsuits that could happen from job-related injuries during construction or any accidents that happen on site.
3. Permits & Licenses For Building a Commercial Building
Every city, county, and township has specific laws that you have to follow when constructing a building. Getting the proper permits and licenses ahead of time will help the process of building the structure go smoother.
Ensuring that the contractor you hire also has the correct permits and licenses is important in order to stay compliant with those laws.
4. Financing
Can you afford to build the building? What kind of loans and grants are available? How will you finance the project?
These questions are important to consider because, in order to build, you will need money to fund the project. Working with financial professionals to properly budget the project will give you a better idea of what it will cost and how much you have to hire a contractor and their team with.
Staying within budget and planning for potential expenses will help you be prepared if anything extra comes up that you need to pay.
5. Hire the Right Team
When you are investing in the expansive project of building a commercial building, you want to make sure it is a team that you can trust with your money to do the job correctly.
Looking for references and learning about the previous commercial projects that they have done is a great way to see if they can handle the complexities of the project.
Get Started Today
Now that you know about the different factors to consider when building a commercial building, you can get started today. Taking the time to plan and budget properly will make the process less stressful for you.
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