- Posted by Tech 24 Construction
Restaurant Renovation Costs. Familiarity is often appealing to guests, but sometimes it’s time to mix things up and invest in upgrades. If you own a restaurant, renovations are a great way to refresh your establishment’s appeal or simply optimize your space. Renovations can be expensive, though, depending on the extent of work being done. You may need to upgrade all the appliances and the layout of your kitchen, for example, or you might simply need to replace the flooring. If you’re wondering about renovation costs for restaurants, consider the following factors that can impact the price tag.
Average Cost to Renovate a Restaurant
Renovation costs for restaurants can vary widely, but in general, expenses fall between $200 and $250 per square foot. The overall cost is determined by many factors, though, including the area you’re located in, the cost of materials, and the extent of your renovations. One thing is clear, though — the cost of renovations is a great investment in your restaurant’s value, and it’s a great way to attract new customers to your establishment.
Factors That Affect Restaurant Renovation Costs
Location and material costs aren’t the only factors determining how much a renovation will cost. There are other variables, too, with the most important being what kind of renovations you need. If you’re seeking a few small updates, your costs will be lower, but if you’re planning a full renovation of the entire restaurant, you’ll be looking at a bigger bill. The following are some of the most significant factors in determining the expenses of a restaurant renovation.
Whether you need to replace the equipment in a restaurant will have a major impact on the price of renovations. If you do require new appliances, though, some energy-efficient options can save you money in the long run. Energy Star appliances typically use 70% less power than standard appliances. Though the upfront cost may initially be greater, investments like these can pay off quickly and help you keep operational costs at a minimum. The average savings of just one Energy Star appliance is estimated to be $450 per year.
Replacing a restaurant’s furnishings is one of the most expensive aspects of a renovation — and, of course, if you have a large space that can host more guests, you’ll be facing higher costs in this category, too. You can control these costs by selecting furniture that fits your budget, but less expensive options may be of lower quality.
Every restaurant requires an exhaust system in order to function efficiently, vent excessive heat, and allow grease vapors to escape. An insufficient exhaust system is a major safety risk, and it can create an uncomfortable working environment, too, when heat is not properly vented from the kitchen. In some cases — especially for smaller restaurants — this can even create an uncomfortable environment for diners. This is often one of the most expensive parts of a renovation, but it’s essential to the safety and comfort of your establishment.
Another important yet expensive consideration in renovations is the cost of ensuring your updates are in compliance with all applicable codes. You can do this by working with a company that will collaborate with state and local officials to ensure that all necessary permits are approved, and all plans comply with construction ordinances. Obtaining permits can be a difficult task, but working directly with a construction company can simplify and speed up the process.
Best Ways to Save Money on Restaurant Renovations
With all the aforementioned expenses, you’ll probably want to cut costs wherever you can. Saving money is important, but so is the quality of the craftsmanship and work that you invest in. What are the best ways to minimize renovation costs for restaurants, then, without sacrificing quality? The best strategy is to shop around before committing to a contractor for the job. Different construction companies will offer different estimates, and you should find the one that provides the best value. Discuss your budget and goals with prospective contractors before you begin construction.
Where to Splurge
Of course, you don’t necessarily want to opt for the cheapest option. Renovating a restaurant is an investment in your business, so you want to get the best value for your money. This means splurging on certain upgrades and opting for the best quality when it’s necessary. When you’re weighing your options, consider splurging on the upgrades that will be subject to the most wear and tear. Features such as flooring will be walked upon all day by customers and staff, and appliances, too, will be used almost non-stop in the kitchen. These are good places to splurge so that you aren’t forced to invest in replacements soon after a renovation.
Make a Budget
Ultimately, you’ll get the best results when you create a comprehensive budget for your restaurant renovation. You need to itemize all the upgrades you expect to make and set a price range for each entry. This will help you keep costs under control and assess which contractor will best be able to meet your needs. As you’re making a budget, you should research the typical costs of each part — for example, the average cost of commercial flooring or restaurant furniture in your area — and include this data in your calculations.
Restaurant Renovation Experts in Virginia
Renovating a restaurant is an exciting opportunity to upgrade its amenities, add new décor, and — most importantly — attract new clientele. The expenses of the endeavor can’t be overlooked, though. If you’re wondering how to keep renovation costs for restaurants within a budget, it’s important to develop a strategy for the project and partner with a construction company that’s onboard with your vision. Tech 24 Construction is the premier commercial contracting company serving clients throughout the Alexandria, VA, and Washington, D.C. area. We strive to provide our clients with top-quality construction services at prices that are still within reach. We’ll partner with you to create a budget and renovation plan that’s suited to your restaurant. For more information or to schedule a consultation, you can call us at (800) 820-7194 or reach out to us online.
Image Source: TommyStockProject / Shutterstock