Deciding to rehab or redevelop your commercial property can be an exciting – if daunting – proposition. With so much to do, it can seem like an impossible task to undertake, let alone complete. The simple fact, however, is that with dedication, and the right amount of planning, you can achieve the redevelopment of your dreams. But, how long does it take to rehab a property, and what should your rehab and redevelopment schedule look like? Here is our handy guide on what to expect when you renovate your property:
Common Phases of a Rehab and Redevelopment Schedule
This the initial stage of any rehab or renovation project. The research stage is when you decide to renovate the property. During this stage, it is essential to sit down and work out what you can afford to spend on renovations, as well as looking around for any design or style inspirations. This phase can last anywhere for two weeks to several months, depending on the size of your project.
The second phase of the rehab construction schedule, during the planning stage you should be getting your ideas down on paper, either in detailed architectural plans or sketches. This stage can take anywhere from two months up, depending on how many revisions you need to make to your original designs.
Pre-construction is the phase where you will deal with any permits that may be required by local authorities. It’s also important during this time to begin creating a schedule and timeline for your project. This phase may be the most important when it comes to successfully pulling off a major rehab project, as it requires quite a bit of hard work to ensure that everything runs smoothly later on in the process. As a rule of thumb, expect this stage to take up about three to six months.
The construction phase is when all your hard work planning should come to fruition. The time required for development can vary wildly, depending on how large the project is, whether plumbing and electrical wires need moving, and so on. We find that an excellent way to estimate how long construction will take is by assuming eight to 11 weeks of building per every $150,000 spent.
Once you have finished construction, you’ll need to have the local authorities sign off on your work, so that you can obtain the proper certifications. This period can be frustrating, as final approvals can take weeks or months, but don’t worry – the end is in sight.
Some Helpful Project Management Tips
- Set time aside in your schedule to deal with any issues that may arise
- Create a contingency plan in case anything goes wrong
- Make sure you have access to extra funds should project costs rise
If you are rehabbing or refurbishing your commercial property, Lionshare Lending can help you ensure you have the funding to see your project to completion. If you’re tired of jumping through hoops to get funding, then you need Lionshare Lending. With a team with over 40 years of experience, our seasoned, professional and customer-oriented staff are here to get you the funds you need FAST. Call us at 1 (423) 388-2660 and get started today.