There are advantages and disadvantages for every piece of commercial property from hospitals to hotels when it comes to deciding whether restoration or new construction is the best choice. All of the pros and cons need to be thoroughly evaluated before you can make the right decision.
Technology is progressing at a rapid pace, some of the companies who are not up to date on the latest technology attempt to continue to be applicable but they generally have a difficult time and are passed by when it comes to specific large corporate jobs. Specifically, when it comes to being able to comply to the state and industry guidelines.
That’s why it is so important to look closely at the advantages and disadvantages of restoration vs new construction, especially if the company you want to do the work doesn’t meet some of the guidelines set forth.
Advantages and Disadvantages of Restoration and New Construction
The following take a closer look at the advantages and disadvantages of restoration and new constructions however, several other factors may play role in your final decision.
Cost – The budget will be a deciding factor in your decision to restore or build it new. Once you take into consideration the total cost for both of your options, you will know whether or not you can afford to build it new or if a restoration is more cost effective for your budget. If you only need a few updates, then ideally a restoration is the more reasonable and cost effective option.
Outdated Technology – If you have considered updating specific areas in your building to bring your technology up to date to meet the current standards, both a restoration and new building construction can be very costly. This is the type of scenario where you and the building contractor need to discuss what needs to be done and how much you can afford, and together the two of you should be able to come up with a reasonable solution that satisfies both your needs, as long as you are working with an honest contractor and not a shyster.
There are so many factors to take into consideration when trying to decide if you should restore or build new, take your time deciding and discuss your options with others who have been in your situation before you decide what to do.