Whenever you are doing a major remodeling project, staying within the established budget is always essential. Here are some tips to keeping your hotel renovations under budget:
Establish Goals. Does your hotel need a facelift? Do you want to save on your energy costs? It will make it easier to set your spending limit once you are clear on what you hope to accomplish. Establish your goals before you even start, select your materials, finishings, flooring, and appliances and provide your professional contractor with a list of exactly what needs to be done and what materials are to be used. This will help tremendously in formulating an accurate budget.
Find Financing. There are many financing options available to the business owner; make sure you are aware of all the details of the option you choose. Your attorney can go over the documentation and make sure the plan you choose is best for you and your project.
Gather Quotes. Contractors will give you a free estimate for a remodeling project, but you will generally have to pay for a hard quote. This quote will give you a detailed outline of the costs and timeline for your project specifically.
Contract. A fixed-price contract, where you pay the contractor a lump sum for the project up front, is going to be your best bet to keep your costs low.
Do It Yourself. You can refurbish existing items yourself instead of buying high-cost replacements, such as lightly used furniture or artwork. You can also reduce labor costs if you are willing to do some of the smaller projects yourself, such as pulling up old flooring or removing tile. Painting is something you may be able to do yourself, or with some help, after the actual construction is complete.
Timing. You will want to consider your occupancy rates and choose a time when they are at their lowest so that you won’t lose too much business while your renovations are going on.
Here at Ascension General Contractors, we are ready to help you with all your remodeling needs. Call us today for a quote on your renovation project.
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