Many property owners hesitate to invest in building restorations due to misconceptions about costs, ROI and disruptions. Here we separate fact from fiction to help inform your building restoration decisions.
Myth #1: Restoration costs are prohibitive
This is both true and false.
Restoration costs become prohibitive when the project is delayed. Buildings go through typical life stages that dictate when certain components of the building will deteriorate. As each component ages, it becomes less effective and eventually fails including cladding, windows, doors, etc. When failure occurs, damage becomes more expensive, impacting structural integrity and building interiors.
Timely restoration ensures building assets are replaced in a strategic manner, reducing costs over the long-term. As a result, you avoid overarching collateral damage that continues to increase your repair and maintenance costs.
Myth #2: The building’s exterior looks fine as is
Although you might be satisfied with a building’s appearance, restorations are not just cosmetic. It’s important to understand that while the building’s exterior might have maintained its curb appeal, over time its function and energy efficiency deteriorate.
Annual building inspections determine when building components are failing, facilitating informed restoration decisions. Restorations that protect your building’s structural integrity and improve efficiency can be made while also maintaining your preferred aesthetics.
Myth #3: Restorations are too disruptive to tenants
Often disruptions are caused by inexperienced building restoration companies that don’t adhere to industry safety standards and best practices. When hiring a company to complete restoration work, it is essential to find a knowledgeable, reliable team.
At WellDone Inc. we are committed to site safety to minimize disruptions that can prolong timelines. Our process also avoids delays by ensuring our work is to code to pass inspections. Experienced planners also ensure we have ample materials, the right equipment, and an effective work crew to ensure efficiency.
Myth #4: Building restorations are a waste of money
Restoration is a smart investment that provides an impressive ROI. Strategic building restoration plans target specific building components designed to help meet property management/owner objectives.
For example, if your energy costs are increasing, eco-friendly, sustainable restorations will improve energy efficiency. In this case, you realize long-term ROI on energy savings and reduce costs for ongoing repairs.
Another example might be tenant retention issues. If you are having trouble finding and/or retaining high value tenants, restorations targeting issues such as unit comfort, air quality and exterior aesthetics can help reduce tenant churn.
Myth #5: Standard building repairs are sufficient
At first glance, repairs appear to be the more cost-effective solution. However, ongoing repair costs can quickly eat away at your budget, costing you more money in the long run.
In fact, this reactive approach to building maintenance is extremely risky. If you only address maintenance concerns when an issue arises, you are likely to overlook collateral damage impacting the entire building.
Restoration takes a holistic approach. Complete building assessments detect damage, identify the cause, and provide a solution that considers the building as a whole. A preventative approach mitigates risks, saving you money.
With these common myths debunked, you have the knowledge to take a more preventative approach to building maintenance. Regular inspections help reduce costs, improve energy efficiency, and realize increased building value and ROI with timely restoration plans.
The experienced restoration team at WellDone Inc., a building restoration company in the GTA specializing in building improvements for commercial and multi-unit residential buildings, can provide a thorough assessment and effective restoration plan to find new efficiencies and cost savings. Reach out to us today.