Office expansion is a big decision and, if not done right, can end up costing you more money in the long run. Not only is there that initial cost to be considered, but it’s also easy for this project to stretch into quite the headache with extended timelines and unexpected expenses.
If you are looking to expand your office space, there are several things you might want to think about before making the decision. Here are five of them:
1. How Much Can I Afford?
First of all, consider your budget when it comes time to expand your office space. Make sure that any decisions you make will fit into what you have available for this purpose.
It’s better to save money to expand than put yourself in a difficult situation where you must take out loans or use credit cards and end up paying more interest (and spending more money overall).
Think about how much floor and desk space you’ll need once the expansion is complete and whether it will be worth it financially if the company takes out additional loans or spends money on credit cards.
2. Will I Really Need More Space?
You might not need to expand your office space, but only find that you do once construction is completed, and you realize that there isn’t enough room for everyone.
The best way to combat this problem is by doing your research before the expansion takes place; look at floor plans of what it will look like with more area and make sure that everyone will be comfortable even with the additional square footage.
If there are any hiccups during construction (delays, backlogs), you’ll want to make sure that the extra room is worth it if it ends up taking a while before everything can be moved in and set up.
3. New Construction or an Addition?
If you are looking to expand your office space, it’s essential to think about whether you would renovate (which could include demolishing existing walls and tearing out old floors) or if you’d like to make use of the space that was already available.
If there isn’t too much space in either direction, renovations might actually be cheaper than construction; if there is no extra room for buildings when constructing new areas, it might be necessary to remove walls and floors.
However, this means that certain things need to be put into storage until everything can be completed. The costs for building may also factor in the amount of time required, which will depend on how many others are coming in at the same time.
Also, if you are looking to take out a loan or use credit cards, construction might be the best way to go because of the interest rates that come with taking these routes.
4. How Would I Renovate?
When considering whether it’s better to renovate or add to your office space when it comes time for expansion, there are several factors you should think about.
For example, what kind of renovation would work in this area, especially if renovations require taking down an old wall/floor? What materials will need to be put into storage while construction is being done, and how long do they have before they need to be back in their original position?
You could renovate your office by adding a new wall where it’s needed or takedown an existing wall and put up a door. Or you can even consider window replacement as big windows in an office space can really brighten up the area.
5. How Will Everything Be Placed?
Once you have a better idea of how much space you will need, think about where everything will go, how it should be organized, and if any workstations or rooms would benefit from additional design elements such as partitions or walls.
Think about where items like printers and copy machines should go so that people can easily find them instead of making desks or other fixed areas seem crowded and challenging to navigate around.
The structure and placement of everything are crucial because these decisions affect how comfortable your employees feel and whether they can do their jobs effectively; there needs to be enough room for everyone who works in an area without feeling boxed in.
In conclusion, there are a lot of factors to consider before you expand your office space. This can be an excellent investment if it is done correctly, but if not, then it could all go down the drain and leave more problems on your hands than what you had going into it. When thinking about whether to renovate or build new, keep this article handy for some insight on the matter and what else might need to be considered!