Some useful ways you can reduce office build out costs include taking advantage of tax benefits, preventing delays, staying on top of local building codes and hiring a reputable general contractor to manage project costs.
Here Are A Few Ways You Can Reduce Your Office Build Out Costs
Look For Tax Benefits For Office Build Outs
Your office build out may qualify you for tax benefits that’ll help you save money at the end of the day. Your best bet is to speak with your accountant about potential tax credits, but some credits to inquire about include:
Section 190 deductions: Section 190 of the Internal Revenue Code grants an instant deduction worth up to $15,000 annually for any costs related to updating a facility so that it is more accessible to the elderly and disabled. New construction and extensive renovations do not qualify. Examples of things that do qualify include removing existing barriers, adding graded walkways and wheelchair accessible ramps, as well as lower water fountains and handrails in bathrooms. All deductions are determined on a case-by-case basis.
ADA tax credit: The tax code includes a Disabled Access Credit, which is rather similar to the deduction mentioned above. This tax credit provides credits to businesses that add accessibility features for disabled individuals.
You may also deduct renovation costs from your income as a business expense. Talking to a tax professional will help you uncover any tax deductions you are eligible for.
Prevent Project Delays
Delays alone can cost as much as $10,000+ per month, which is why you don’t want your project to drag on and on unfinished. Unfortunately, so many different things can cause project delays, including unreliable contractors that don’t follow through on their word and oversights on building codes. A well-planned project is less likely to experience the same delays as a hastily thrown together one, but experience in the industry is the number one way to prevent delays. That’s where hiring an experienced general contractor can save you time and money.
Take Permits & Building Codes Seriously
The last thing you want to do is ignore important building codes or wait until the last minute to have things approved by a building inspector. Many costly delays can originate as a result. Treat local permitting and zoning departments like a teammate you cannot exist without. After all, you need the building inspector’s goodwill, support and sign-off to complete your project. Be aware of building codes before you start any work to avoid having to fork out the extra cash to undo and redo work.
Don’t Forget To Include Everything You’ll Need In The Original Office Build Out
Make sure that your build out includes everything you need today and at least a couple years into the future. For example, if you’re building out a dental office and you create 4 patient rooms only to realize post-renovations that you actually need 5-6 patient rooms, you just cost your business money. That’s hundreds of thousands of dollars in lost revenue simply because you don’t have the space to serve your customers. When planning your office build out, make sure to incorporate everything you’ll need today as well as a couple years from now.
Take A Closer Look At Architectural Plans
An architect’s drawings should portray exactly what you want but that doesn’t mean it’ll be in budget. Thankfully, there are ways to shave costs off the final project without compromising your list of wants and needs. As your general contractor, we can work with your architect or one of our trusted architects to shave dollars off the finished project in any way possible. For instance, using different materials that serve the same purpose as more costly materials outlined in the original drawings.
Get Savvy With Furniture Shopping
Furniture can start to add up big time when buying in bulk, so get creative and you’re sure to find ways to save. For one, you don’t need to go wild buying tons of furniture; less is sometimes more. Keep in mind, you can always add more furniture if the need arises in the future. You may also find good deals on resale furniture that someone could refurbish. If you’re patient and look around long enough you’re sure to find a good deal.
Rely On PCI: A General Contractor That’ll Save You Money
You tell us your budget and we help you stay in line with that number in every way possible. We can help you save money in a number of ways, including:
-Preventing common costly mistakes thanks to years of firsthand experience in the industry.
-We work with your architect or one of our trusted architects to accomplish the overall goals of your project at a price that falls in line with your budget.
-Our knowledge and understanding of building codes can save you a lot of hassles and delays, as well as costly fees.
-We have worked with the same trusted contractors over and over, granting us the best deals in the industry. As a result of our connections, you save money too.