6 Ways To Enhance A Commercial Building’s Market Value
No matter what kind of commercial property you own, you will need to keep a few things in mind to maintain its attractiveness to stakeholders and potential investors.
The value of your property depends on several factors. Investors often ‘judge the book by its cover’ in this case. Hence, the more appealing, captivating, and attractive you make your property look, the higher its value will be in the market. However, it’s not always about what’s on the outside. After all, what good is a book’s cover if the content inside is trash? Sometimes you need to pay attention to what’s on the inside as well.
Below, we have highlighted a few things to consider on how to enhance your property’s value:
Regular repair and maintenance of your property are extremely crucial if you want to increase its value. No one will be willing to invest in an unclean and unkept building in poor shape both from the outside and inside. What attracts potential investors are well-furnished rooms, neatly painted walls, tidy parking, and storage space. Pest infestations, clogged drainage, and graffiti too can be quite problematic. Poorly maintained properties can be safety hazards, and a safety hazard is the last thing you want your property labeled as. Moreover, poorly maintained buildings also imply that potential investors might have to make additional costs for acquisition. This can be a huge turn off for people.
Consider making regular repairs to your property to keep its value up. Invest in proper cleaning, pest control, and routine maintenance as long as the property stays on the market. If you are selling your old, used property, remove existing furniture from it. You can use self-storage facilities to store anything you take out of the building before its sale.
Work On The Entryway
Your entryway can either make or break a deal. An attractive entrance can be a winning point for you and extensively add to your property’s value. Make sure to install new and more lighting for a welcoming feeling. Also, ensure that the area just beyond the entryway is presentable. You don’t want to leave a bad impression on people as soon as they put their first step inside.
Start by knowing the demand for your property and the type of investors you will likely get for it. Next, understand their values and aesthetics and try to incorporate them into your property as much as you can. For instance, commercial buildings for offices would be interested in security cameras, high-speed internet, a vending machine, and possibly a gym or recreational area. If you own an apartment, then a laundry room would considerably boost the place’s market value for rentals. Adding amenities improves the quality of life of people occupying the building and add more value to the property in the long run.
investors are always looking for spaces that can save them some money. Installing cost-efficient energy systems around your property can, thus, be a very attractive feature. Installing a solar panel system can help to cut down annual power costs for occupants. Adding proper insulation systems can also help to regulate temperature and manage electricity costs. Nowadays, people are more concerned about using renewable forms of energy that are more eco-friendly. These help keep the environment clean and also reduce the operational costs of businesses. Adding these to your building would increase its market value in the long run.
Customers are concerned about security these days more than ever. Installing security cameras, an alarm system, or hiring security guards at your commercial property can be a great selling point. Think about it – would you feel safe working in a place where there are no cameras, guards, or alarms for your protection? Probably not. Hence, making your property look safe and secure is an extremely significant factor to consider when looking to increase its value.
Avoid Including Unusable Spaces
Unfinished rooms and unusable spaces can affect the value of your property. Investors are keener on getting a better deal for the bucks that they’re dishing out. And in real estate, this also means more usable space. For example, turning a small unusable storage room into a small office pantry or work spot can benefit the investor and yourself. The design and layout of your space are also critical elements in increasing your property’s value. Utilize your space wisely and to the max!
Always remember, aesthetics are vital! If it doesn’t look good, an investor won’t be attracted to it. However, other in-house features like maintenance, repairs, and interiors are also essential to build up value. If you’re not going to take measures to increase your property’s longevity, its market value is going to sink into the ground costing you thousands of dollars. Therefore, it is better to invest in it to make it more appealing to potential investors.