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Construction Archives – Commercial Mortgage Corporation

Steel Building Construction Costs

By | Development | No Comments

 

Steel building construction costs are lower than many alternatives and as a result are now becoming more popular because of the many advantages that they offer. Generally these buildings are fabricated out of steel for both the interior and exterior spaces. One advantage of these buildings include steel being an environmentally friendly material and therefore it can easily be recycled.
 
Steel also requires less maintenance, as opposed to wood or other materials. Installation is easier, and offers easy modification as it is quite flexible when it comes to the design. It also does not have the common problems of other materials such as mold and mildew.
 
However, although it is seen as a cost-effective solution in construction materials, there are building construction costs that are only present when it comes to building steel structures. This is something to think about when looking into construction loans. As well, some of these costs are important to recognize up front. While overall steel building construction costs are still lower than many alternatives, it is important to consider these factors. If your company or business thinks that these costs are more than they are looking to spend, you may opt to contract some construction loans to help you finance a steel building infrastructure.
 
Steel Buildings Generally Cost Less
One of the most popular advantages of these types of buildings is that steel building construction costs are less than other buildings. They roughly cost $15 to $20 per square foot. This is indeed considerably less compared to using wood, concrete, and other materials. When looking to source construction loans, the overall cost of the building is something that will need to be seriously considered. Also, because of the special components of steel, some people often forget about the other factors that affect their expenses when it comes to construction.
 
The Quality of the Steel
There are many kinds of steel. Typically, less expensive ones might initially save you money, however, maintenance costs after a few years would be considerably higher. Some people find it better to invest in more expensive, yet high quality steel to lessen the maintenance time and costs in the future. Using a poor quality steel could also result in a weaker structure and the inexpensive materials may not even pass city inspections for building safety.
 
Proper Building Insulation
Steel is a conductor. With the incorrect types of insulation, heating or cooling the interior of these buildings could easily cost thousands of dollars. Likewise, the wrong insulation makes it less energy efficient. In addition, it can also result in excessive noise. Rain on a steel roof is quite loud. Without proper insulation these are the problems that you may encounter.

Proper building insulation ensures that the building is energy efficient. Although implementing the right insulation processes can increase the initial cost, it is a long term investment to make a building greener and more energy-efficient. The building will be quieter, it will save energy costs, and it will considerably increase the resale value of your building.
 
The Right Building Ventilation
Just like insulation, the cost for ventilation is also a consideration with steel buildings. Without the proper ventilation, temperatures in the building may be too hot or cold during certain times of the year. Even with the right insulation, you still need to have proper ventilation to allow air to freely circulate, and keep your building within the right temperature to keep it energy-efficient and comfortable.

 

Renovating Apartments for Profit

By | Renovations | No Comments

 

The great, global recession has come and gone, there have been significant ups and downs across all industries, and the world has slowly started getting back to normal. Certain global real estate markets suffered their own share of booms and slumps through recent turbulent times, yet they too are starting to get back on their feet. With this new growth comes the re-emergence of an old trend: renovating apartments for profit and selling them for a return on investment.
 

All the Renovation

It is highly essential of course, to know what improvements will add the most value to an apartment, so that the largest possible profits can be generated.
 
• Research It: As in most things, research is fundamental to the process of generating substantial profits from renovating apartments for profit and selling or renting them. Consider its type, its location, and the people most likely to be interested in it, and try to think like a prospective buyer would before you start making any changes.
 
• Budget It: If you aim to earn double the amount you spend, you must strive to spend only half of what you earn. Never, ever let the budget go out of control. Maintain a buffer for unforeseen circumstances and issues, and focus on the small, inexpensive improvements that add large, significant contributions to the apartment’s value.
 
• Paint It: If it looks good, it will sell good. Nothing works the charm quite like a cosmetic makeover of an apartment. Paint can be incredibly refreshing to an apartment’s look and its feel, it is inexpensive, and provides an incredible return on investment.
 

All the Finance

If budgeting is important, then planning finances is extremely crucial to the ‘renovate and sell’ process. As a commercial real estate owner or investor, you need to plan exactly how much you’re willing to spend on purchasing a property and how much you should spend on renovating it. This estimate will include consideration for an estimate of the property’s value once you’re done making improvements to it as well.
 
When renovating apartments, financing is one way of making sure you do not miss out on an investment worthy apartment, and the subsequent profits it promises to provide after renovation is complete. Such commercial mortgages can be acquired through loans for renovation from various banks and financial institutions.
 

All the Value

There are a variety of improvements that commercial real estate investors can make to an apartment that add value to the property. As discussed earlier, the first and foremost, on most occasions, is to paint the apartment afresh. Nothing adds to the value of property like its visual appeal does. There are several other things as well that can be done to generate the largest possible profits:
 
• Electricity and Plumbing: Although these factors do not add value aesthetically, they remain worth an investor’s consideration. Any apartment, before being improved upon to look good, needs to be comfortable and complete with the necessary amenities.
 
• Woodwork: This is another area that can add considerable value to an apartment. The doors, windows, cabinets etc. need to at least be in a decent, presentable condition.
 
• Fixtures: Light fittings and bathroom fixtures are small considerations, mostly inexpensive, yet they can provide significant contributions to the value of an apartment. Even door and window handles, or the locks on the doors, can add or take away from the value a prospective client will put on the property.
 
Renovating apartments for profit in order to sell them for a return has been a popular trend, and continues to be so, as it often provides profits. It is essential however, to make sure that the renovations done serve their purpose of adding value to the property so that profits, not losses, can be made.