Once a disaster has occurred, a business owner’s goal is to get back to pre-disaster status. Unfortunately, when disaster strikes, your business could be left with long-lasting damage and in need of a restoration contractor. In order to help you make the most informed decision, here are some tips to consider when deciding whether to repair or replace your damaged property.
The history and age of the property
If your building was constructed decades ago, there is a chance that it was built with materials that are not commonly available anymore. In this case, it may be more cost-effective to replace these with newer and less expensive materials. There are times when purchasing a newer model of an older type of equipment can be extremely cost-effective.
The long-term cost of repairing or replacing
The cost difference between repairing and replacing can widely vary from property to property. For example, it may be in your short-term benefit to simply repair a 50-year-old electrical system, but it may be time to completely replace the whole system to avoid risk or more monetary loss.
Depending on your property insurance company, you may have to discuss your repair/replace plan with your insurance provider. Typically, insurance companies will choose the less expensive option. Local laws and building codes must also be adhered to protect the health and safety of those occupying the building.