As a property owner, you are probably always looking for ways to get the most value out of your building.
While commercial property management often involves some challenges, there are certain strategic upgrades that can enhance commercial property value.
Paying attention to this could have a substantial impact, plus it can provide you with a rewarding and lucrative investment plan.
6 Strategic Upgrades to Enhance Commercial Property Value
1. First Impressions Last
There is plenty you can do to make a large impact at the front of the building, especially if you are planning on selling the property. Make sure the garden beds are clean and neat, the lawns are mown, the windows are clean, and the overall exterior of the property is spotless.
Check that the paint is not peeling, the driveways and paths are pressure cleaned and swept before each inspection. If the building’s façade is looking a little outdated and tired and if your budget permits, think about having the outside repainted.
2. Present a Blank Canvas
It is imperative to present a blank canvas to new possible buyers if you are contemplating placing your commercial building on the market. Just like the essential aspects of home staging, the first thing to do is getting rid of pre-existing business items like equipment, photographs, and furniture. A clean slate will permit prospective buyers to envision themselves occupying the space.
The second thing to do is making the blank canvas as appealing as possible for the new buyers. You can do this by having every inch of the building deep cleaned. This includes things like flooring, carpets, windows, walls, etc.
This blank canvas approach will provide the illusion of more rentable square footage to the purchaser for possible rental purposes, or for the needs of their present business.
3. Update Old Flooring
You can also consider updating old flooring to make the space more attractive. Consider which resilient flooring options will work best for your space and increase the property value.
What is Resilient Flooring? The best options usually include vinyl, cork, LVT, linoleum or rubber. It’s flooring that offers more give or bounce-back than carpet, wood or stone tiles.
4. Give The Space a Renewed, Neutral Palette
Any feature walls or bright paint colours can polarise your prospective buyers whereas white walls permit them to imagine living in the space or renting it to prospective renters. A Neutral palette helps generate a sense of space. The same applies to carpets. If the carpets are a little outdated and on the old side, consider replacing them with neutral carpeting or flooring. Think of the rental property as a display home while it is on the market. You want it to appeal to as many different people and avoid alienating anyone.
5. Upgrade Structural Integrity
This suggestion is particularly useful for sellers that own the entire commercial building. Inspect the building and property for any signs of wear and tear or degradation.
Have an architect or building contractor come do an assessment on the building to investigate possible structural repairs that need tending. Make sure the structural frame of the building is secure, the waterproof membrane or roof does not leak, and the building’s foundation does not have any cracks.
6. Update Lighting
Installing better lighting in many areas is an affordable, yet impactful way to enhance the appearance of the space. Apart from adding new light fixtures, you can also think about adding energy-efficient light globes.
LED lights, for instance, use 25 to 30 percent less energy as opposed to incandescent lighting, plus they last 25 times longer. This is a considerable saving that boosts your cash flow and the overall long-term value of the property.
Also, keep in mind that natural light is an immense advantage for any space, therefore ensure blinds, windows, and curtains are clean and open during inspections, and the outside bushes and trees are trimmed.
Conclusion
We hope you have found this post of 6 strategic upgrades to enhance commercial property value useful and that you will implement some of them if you are looking to sell your commercial building or simply upgrading it to boost the long-term value.
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