Buying, letting, and selling commercial real estate can be a profitable way to make money, but it is not without risk. The property market can fluctuate dramatically with minimal warning, it can be challenging to acquire new tenants, and commercial property can be more costly to maintain. However, with some clever tweaks, refurbishments, and improvements, you can boost a commercial property’s value even in the toughest economic climate. Whether you are hoping to sell your commercial property, rent it out, or are investing in a property you have recently acquired, here are 6 effective ways to increase its value.
- Go eco-friendly
We are more conscious of our impact on the environment than we ever have been, and this has made many property buyers more concerned about how eco-friendly their property is. By improving a building’s efficiency through improved insulation, solar PV panels, renewable heating, low-flow water systems, and energy-efficient lighting, you can reduce the property’s carbon footprint. A lot of renewable technology can also reduce running costs and bring tax advantages.
- Make it a neutral and clean space
When a tenant or new owner is looking around a commercial property, they want to be able to imagine their business operating there. It is just like a residential buyer trying to picture themselves living in a new home, so try to make the space as clean and neutral as possible. Remove evidence of other businesses that have used the space in the past and make sure that every inch has been professionally cleaned. You might want to set up some work areas to give the space a sense of purpose, but less is more.
- Improve its curb appeal
The look of a business’s premises is important to their overall brand image, so remember that the exterior of a property is equally as important as the interior. Rebuilding walkways, installing lighting, landscaping, and repainting the building itself can transform the look of a property. Move trash stations out of sight and ensure the area is free from little before any viewings. Fresh and bright signage for the building will also present a more professional image.
- Make structural improvements
If you own the whole property and it is getting on in years, it may be time for some structural improvements such as a strengthening the building frame, weatherproofing, improving the foundations, installing new windows or fixing or replacing a leaky roof. For guidance on choosing a roofing company for your commercial property, visit Nextwaveroofing.com/guide-to-hiring-a-commercial-roofing-company/.
- Improve the security system
Security is always a priority for businesses, so it makes sense to invest in the best security system you can afford. This could include alarms, cameras, shutters, gates, fencing, security personnel, and more. The more advanced a security system, the cheaper the insurance premiums are likely to be.
- Improve parking facilities
If the parking lot is gravel, consider re-surfacing it to make it easier to use and improve its overall appearance. This includes removing weeds, replacing broken paving, and repainting the lines of parking bays. If you can, increase the property’s parking capacity by asking a neighboring property if they will rent spaces to you.