We often receive calls asking for a “ballpark price” or “price per square foot.” While these are simple questions to ask, they are not always simple to answer, at least not honestly. There are many factors that go into developing a realistic budget. We want to give you accurate numbers, but a quick answer can easily create unrealistic expectations, whether overly optimistic or unnecessarily discouraging.
- Are you aware of the upfront costs?
These include architect/designer fees, MEP engineering fees, and permit costs. Not only are these major expenses, but they are also significant time investments that must be accounted for in your overall concept and schedule.
- Is the site developed?
This impacts several critical scope items, power, sewer, water taps, sprinkler requirements, and more. These elements can dramatically shift a budget and, if overlooked, can damage your ROI for years.
- Do you have a signed LOI or lease with the landlord?
Before signing any lease, we strongly recommend having a lease attorney review it. You need to ensure you’re not taking on responsibilities that should be considered landlord work. Missing even one of these items can sink a budget, delay a schedule, and extend your ROI timeline.
- Are professionals guiding your pricing expectations?
A good architect or designer will understand general “ballpark” square-foot pricing and can help align your vision with your budget early on. They can also direct you to a reliable general contractor (like Ren Pro).