Most Rat Race Mutiny readers work out of a home office, but a few lease office space or grow beyond their initial home space. I will cover both types of offices in this article.
Reasons abound to update an office space, including opening a new business, expanding an existing business, or setting up a home office work space. As of 2011, Bankrate.com estimates a cost of $10,526 to renovate a home office. On the other hand, Dagher Engineering located in New York City spent about $1 million to renovate its 10,000 square-foot office space. Costs to renovate vary depending upon factors like location and the type of renovations.
I will focus on the most common renovations, like paint and new carpet. If you choose to wallpaper or use other types of flooring, this can increase the costs dramatically. The most common renovation projects are listed in this particular article.
If your office simply needs to be refreshed, new paint is an inexpensive option. Types of paint vary in cost. To figure how much paint you need, add the length of each wall that requires painting and multiply that number by the height of your walls. The result is the square footage of your space. Typically, a gallon of paint will cover about 350 square-feet. If the walls have never been painted, add in the cost of coating with primer before painting.
According to HomeWyse.com, the 2011 national average to install carpet is between $1.14 and $1.51 for each square foot of carpet. The actual cost can vary from city to city. If purchasing for a large office, negotiate a lower price as the carpet will be purchased in bulk. Keep in mind that a mid-grade carpet will last longer than a cheaper carpet and save money in the long run.
If you are remodeling your office to take advantage of technological advances, figure this cost into your renovations. For example, running CAT5 or CAT6 wire throughout the office allows users to hook directly into an office network. An electrician often buys in bulk and will get a reduced rate on this wire.
If your office is located in an older building, the rooms may be small and broken up. An open space with cubicles allows workers to easily talk about projects and adds space where the walls once stood. If the walls that are removed are not load-bearing walls, then the removal cost will be less. A removed load-bearing wall requires additional expense to prop the weight of the building up with a beam or other device.