Commercial properties are some of the best investments you’ll make in real estate. Essentially, these properties are designed to make money for you through the businesses or other organizations that occupy them. To maximize your investment and see the greatest return, it’s essential to keep the value of your commercial property high. Here are five ways you can do that:
Regular Maintenance and Upkeep
Investing in regular maintenance and upkeep is one of the best ways to keep your commercial property value. This means fixing any major or minor damage as soon as it occurs, painting or re-staining the exterior regularly, cleaning carpets and windows, and keeping the landscaping tidy. By investing in regular maintenance, you can avoid more costly repairs down the road and keep your property looking its best, which will help maintain its value.
Renovate and Update the Property
Another way to increase the value of your commercial property is to renovate and update it periodically. This could involve anything from updating the lobby or common areas to renovating individual units or office space. By keeping your property up-to-date, you can make it more attractive to potential tenants or buyers, which will help increase its value. In addition, updating your property can help you keep up with code or safety regulations changes, which is essential for maintaining its weight over time.
Modernize Utilities and Installations
If your commercial property is starting to feel a little outdated, one way to increase its value is to modernize its utilities and installations. Here are some essential modernization options for your property.
Solar power has drastically decreased in cost over the past decade, making it a more viable option for commercial properties. Solar panels can help you save on energy costs and make your property more environmentally friendly, appealing to many potential tenants.
Another way to modernize your property is to install energy-efficient appliances. This is a great way to save on utility costs and make your property more sustainable. Many people are looking for ways to be more eco-friendly, so this could be a selling point when you’re trying to lease or sell your property.
Installing innovative technology is another way to modernize your commercial property. This could include anything from automated lighting to sensor-activated faucets. Not only is this type of technology becoming increasingly popular, but it can also help you save on utility costs.
Improve Curb Appeal
Another way to increase the value of your commercial property is by improving its curb appeal. Here are some ways you can do that.
Work on Your Driveway
It’s essential to work on the outer part of your commercial property. One of the first things that people will notice is the driveways. A commercial property with a cracked and damaged driveway will lose its value. You should consider repairing or replacing your driveway to improve the curb appeal of your commercial property.
Paint the Exterior
One of the quickest and most effective ways to improve curb appeal is by painting the exterior of your property. This will give it a fresh new look that will turn heads. When choosing a paint color, consult with a professional to ensure you select a color that will complement the other features of your property.
Landscape the Property
Another way to improve curb appeal is by landscaping the property. This could involve planting trees and shrubs to installing walkways and gardens. By taking the time to landscape your property, you can make it more inviting and increase its curb appeal.
Add Outdoor Lighting
Outdoor lighting is another way to improve the curb appeal of your property. This could involve anything from installing floodlights to solar-powered lights. By adding outdoor lighting, you can make your property more visible and safer, which will help increase its value.
Increase Rentable Square Footage
One final way to increase the value of your commercial property is by increasing its rentable square footage. This could involve anything from finishing an attic or basement space to adding an extra room onto the side of the building. Increasing the amount of usable space in your property can make it more attractive to potential tenants or buyers, which will help drive up its value.
If you’re looking for ways to increase the value of your commercial properties, you can do a few things. From investing in regular maintenance and upkeep to increasing rentable square footage, you can improve your property’s value in several ways. By taking some time to enhance your property, you can make it more attractive to potential tenants or buyers and help maximize its return on investment.