Anyone interested in real estate will be curious about how renovation compares with new builds – especially regarding costs. Is it better to tear a building down and start again, or should buildings be renovated where possible?
In many cases, renovation is a more cost-effective approach to making a building fit for use again. That’s what Jerome Mansour Karam of Houston focuses on with his successful real estate development business, JMK5 Holdings LLC. Renovating buildings can be both cheaper and faster than knocking them down and rebuilding them.
If you’re doing any kind of development, it’s important to understand all the options open to you. In this regard, Jerome Mansour Karam stands out from the crowd as a dominating presence in Galveston County, Texas.
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What Is Renovation Vs New Construction?
In most cases, when working on any building project, you have just two choices. You can either knock the whole structure down and start from scratch or renovate the existing building and bring it up to modern standards.
There are a lot of reasons to consider renovation rather than complete reconstruction. It’s important to modernize buildings, regardless of whether they are intended for living in or for other uses (e.g. schools, office buildings). But it can be very pricey to knock buildings down and replace them entirely.
Renovation is often the solution, and many individuals and companies are exploring renovation options. Let’s learn more about how this works and what the benefits are.
Why Choose Renovation?
For many building projects, the cost is the deciding factor. It determines the whole scope of the project, and many people in today’s world are working on very tight budgets. Fortunately, renovation tends to be much more wallet-friendly than reconstruction.
When you rebuild something from scratch, you incur a lot of costs. Firstly, there’s the cost of demolishing the existing structure, removing the waste materials, and all the new materials coming in. This can quickly spiral into something unaffordable. It’s logical that ripping something down and completely replacing it would be pricier than just updating it.
When you renovate, you remove a lot of those costs immediately. You don’t have to pay to have the old building knocked down, you don’t have to re-prepare the land, and you are likely to be able to reuse at least some of the materials and the existing structure. This is particularly true if the building is relatively modern.
Renovations may not make sense for some very old buildings because there’s so much work to be done. The existing structure just makes things complicated. In most cases, however, having the shell of the building to work with reduces costs. That’s why renovation is such an appealing prospect for many individuals who are looking at development.
Renovation can save a lot of money overall. Whether the client is a public institution, such as a school, or a private institution, reducing the budget can make any necessary changes more affordable. Jerome Mansour Karam and JMK5 Holdings capitalize on this to produce beautiful buildings at affordable prices.
When Might You Renovate A Building?
Buildings tend to be renovated when there are problems or the layout/fittings no longer meet government or local standards.
For example, schools must meet basic health and safety codes that protect students and the teachers in the event of accidents. Many school buildings aren’t currently up to those standards or may not be in the near future. Unfortunately, many schools are also operating on extremely tight budgets and may be unable to afford rebuilds.
Renovation can provide a cheaper alternative for modernizing. Schools that enjoy up-to-date amenities and a good layout are more likely to attract students and may even be able to teach more effectively.
This is true for many other public buildings too – and even for privately-owned buildings. Bringing buildings up to modern-day fire codes and ensuring that they meet safety standards is often the bare minimum that business owners need to do. Still, renovation can also help the business to feel modern and valuable to its customers.
Private buildings will often require modernization too. For example, residential buildings must meet current safety standards – and they are also likely to attract more renters if they appear modern, clean, convenient, and well-looked after. A good renovation project can turn a dilapidated wreck into a desirable, comfortable home at a far lower price than a rebuild would incur.
There are lots of instances in which you might renovate a building. Some relate to safety, and some just to convenience and modern standards. Whatever you’re dealing with, it’s worth considering whether renovation could overcome the issues.
How Does JMK5 Holdings Use Renovation?
Jerome Mansour Karam’s company, JMK5 Holdings, is fully committed to restoration. The company deals directly with many local contractors and businesses to maximize the benefit to the local economy. It works on a wide range of buildings, including residential buildings, commercial buildings, and those still in development.
Karam’s company is particularly known for redeveloping big-box properties and preventing them from floundering. The business is able to renovate malls into multi-use, attractive destinations that are capable of pulling in crowds.
One of its best-known projects is the Texas City’s Mall of the Mainland, but it has been involved in a wide range of successful projects that have transformed real estate in Texas.
Karam has worked in real estate for almost 20 years and has become a recognized name in Texas and Louisiana. His company is well-equipped to meet all kinds of renovation needs, reducing costs for businesses everywhere and helping them to modernize while on a budget.
There are many reasons to choose renovation over rebuilding if you have a real estate development project. It won’t be suitable in every circumstance, but it’s certainly worth considering. It’s the best option if you’re working on a tight budget and you have a limited amount of time.
