Adding Improvements into a Budget

Understanding the why’s of this is one thing, doing it is another. You may have identified a key area for improvement on your building but aren’t sure how to incorporate this within the budget. There’s no set way for doing this, but the below is an example of how you could proceed.

Lease: First and foremost (as always) does the lease allow for what you want to do. If it doesn’t then you will have to look for a lease compliant alternative. Even if you have the best of intentions, you must follow the lease.

Communication: The earlier you can get leaseholders in the know and understanding of your plans the better. Give them time to ask questions, do their own research and hopefully arrive at the same conclusion as you, this will be a worthwhile project.

CAPEX Plan: Refer to your CAPEX plan and look for an item within it that is similar or the same building component as your project. Can your project replace it within the CAPEX plan? Rather than add additional expenditure onto the block, you are now providing more improvement within the plan you had already put in place.