How To Renovate Your Office Space?

An office renovation is an exciting time that gives the business an opportunity to grow, expand, and invest in its future. A carefully planned renovation project while focusing on fresh aesthetics helps readjust the look and feel of the office, allowing team members to re-imagine their work direction and culture. However, some of the most common questions you may ask are – why do I need an office renovation, how should I go about it, and where to get the funds from?

Going on impulse and incorporating unique features into the office space is easy. However, you must consider several key factors while deciding the office layout, colour scheme, and other components. Here, we share some best office remodelling ideas that can successfully change your office design and make it a better place to work in.

Why Renovate Your Office Space?

An office design reflects the business it houses. Therefore, renovating the space gives your business a better ambience and increases productivity. Here are a few reasons you might consider going for an office renovation:

• Modernise:

Improving or expanding the office space can create a more organised environment for your team members. Upgrading the equipment and modernising the workspace can significantly improve the workspace efficiency.

• Compete:

While running a business, you must make the required changes to stay on par with your competitors. Office remodelling helps you stay updated with the latest trends and organise your workspace. Keeping up with what's 'in' helps your business stay competitive and meet customer expectations. 

• Enhance Safety and Health:

Another major reason to redesign the office space is to improve your team members' safety and health standards. Walls, ceilings, and floors deteriorate over time and become potential hazards. Repairing or upgrading them makes your office safer for your staff, clients, guests, and customers. Moreover, it improves morale and reduces liability in the workspace.

• Improve Impressions:

An appealing office renovation design is eye-catching for clients and customers. An attractive workplace makes an excellent first impression, eventually reflected in your sales and customer reviews.

• Enhanced Productivity

Renovated workspace with better equipment and amenities helps employees put in their best in terms of work. As a result, companies can expect better performance and enhanced productivity.

How Much Would It Cost To Execute Office Renovation Ideas?

It would be great if the office renovation cost were the same for all, but unfortunately, things don't work that way. Commercial renovation projects come in all shapes and sizes. So, here are a few factors you must anticipate while calculating the total cost:

• Labour and Materials:

With the constantly increasing inflation rates, labour and material costs also fluctuate. If you want to maximize the benefit of your renovation project and want it to last for years, consider investing in high-quality materials and contractors that are costlier than average. 

• Building Use:

The anticipated use of the commercial building can significantly impact the office renovation cost due to the need for specialised fixtures and equipment. Typically, renovating a medical office, high-rise office, and government building is more expensive than renovating a small restaurant, gymnasium, or single-story office building. If you want to install better, latest, higher-performing equipment in your office while renovating the space, it will cost more than a simple renovation. 

• Office Location:

Like most other things, renovating a commercial building in an urban area is always costlier than a similar project in a rural location. Some location-specific qualities that impact the office renovation cost include water and electricity facilities, regional climate, existing competitors, neighbourhoods, etc.

• Building Amenities Required:

Office renovation is the perfect time to upgrade and enhance the business with more amenities it lacks till now. However, they may increase the final renovation cost.

• Electrical Systems:

While replacing your furniture, flooring, or walls, you may consider upgrading your geysers, air conditioners, plumbing fixtures, etc., eventually increasing the office remodelling cost.

While all these factors can significantly affect the renovation project cost, you must be thinking about how to arrange the funds. Don't worry; a Business Loan for Office Renovation of up to Rs 40 Lakh from Hero FinCorp can be the best source of funding to cover these office renovation expenses.

Innovative Ideas for Office Renovation

Now that the finance is sorted, let’s look at a few innovative ideas to make the most of it:

• Rearrange the Partitioning:

Most modern companies have an open-office space that does away with partition screens. This kind of office improves productivity and encourages interaction among the team members. Even if you prefer cubicles, rearrange them to create a new look and achieve an ideal setting according to the space requirement.

• Replace the Flooring:

Your office flooring creates the first impression whenever someone enters your space. Since flooring is the most used part of your office, it bears a lot of wear and tear for years. If it has become old, worn out, or outdated, consider replacing it to give your office a new look and dramatic effect.

• Change the Lighting:

Installing modern, eco-friendly lights reduces your electricity bills and creates a pleasant environment in your office. The right kind of lights increase productivity, create a positive work environment, and appropriately brighten the space. However, lighting largely depends on the office layout, look, and functionality.

• Go Green:

Creating an eco-friendly and sustainable office space reduces your carbon footprint and projects you as a responsible business owner. Install solar panels, maximise natural lighting, and use LED lights to create an eco-label for your business.

Conclusion

Office renovation can motivate your staff, make them feel safe and valued in your company, and improve their productivity. However, if you are concerned about the office renovation cost, consider applying for a Business Loan. At Hero FinCorp, you can obtain a collateral-free Business Loan of up to Rs 40 Lakh with competitive interest rates and flexible repayment terms of up to 60 months without end-use restrictions. Apply now and get the required funding quickly without hassle.

FAQs

• What is included in an office renovation?

Renovation can vary depending on the type of office. However, most offices prefer to upgrade their building structure by changing the floor plan, installing energy-efficient lighting and equipment, and centralising the air-conditioned system as part of the renovation plan. 

• How do I renovate my office with a low budget?

You can create a renovation plan keeping your needs and budget in mind. This will help you make the necessary changes to your office as part of your renovation project. However, you can always consider taking a Business Loan from Hero FinCorp if your budget exceeds. 

• Is office renovation an expense?

Office renovation may seem like an expense. However, considering the return you may get in terms of employees' productivity, client impression, and improved operations can make it a worthwhile business investment. 

• What are the factors affecting office renovation costs?

The cost for each project varies significantly based on the renovation scope, size, and requirements.

• How can I apply for an online Business Loan?

Many lending institutions support a digital loan procedure, which means you can apply for an SME loan without any paperwork or branch visits. Simply complete an online application form and upload the necessary documents for instant approval.

• What kind of security do I need to provide for an SME loan?

SME loans are collateral-free loans for small entrepreneurs, allowing them to use the loan amount for any business-related purpose without providing any collateral, security, or guarantor.