How to Increase Your Commercial Property’s Value

How to Increase Your Commercial Property’s Value
  • Opening Intro -

    Commercial property investment can be very good for the investment portfolio, and it covers everything from hotels, offices, warehouses, factories and much more.

    The reason why is that it will generate revenue as the occupants will have to pay you a monthly rental fee.

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Additionally, your property will increase in value over time as well. The average return on your investment could bring in a total of 9.5%. It’s all down to you, but you can increase this return on investment, depending on how much care you put into your commercial property.

You can increase the value of your commercial property if this is something you wish to do, however, there are plenty of things that you can do for this. As a commercial property owner, it is down to you to maximize profits and there are several things you can do, so let’s take a look at them.

Improve the exterior of your commercial property

Looking after the exterior of your building will also take care of your interior. For example, the roof. If your roof is not in good condition, it can lead to leaks, which can cause more damage to the interior. Address all the maintenance issues such as gutters, lighting and other important factors, then aim to make it look nice.

The exterior of your property needs to look nice so it attracts people to enter the building or, attract a new tenant. You won’t be able to attract businesses to rent out your commercial property if it doesn’t look the part.

The exterior is something you have to invest in and you will soon reap the benefits.

Improve parking and accessibility

No matter what type of commercial property you have, you need to make it accessible. This includes disabled toilets being available. It also needs to be accessible to those who drive. There needs to be parking that comes with the building so those who work at that building can easily get there.

If you do offer parking at your building, it is encouraged that you take good care of it. Ensure there are no potholes so it doesn’t damage people’s tires who use it. Additionally, there needs to be a secure car park, so people feel like their vehicle will be safe when it is left there.

Invest in security

Security is something else that a tenant will look for when they are looking to move into a commercial building. This means interior and exterior CCTV cameras around the building. This security should not only be available to the owner of the business who occupies the commercial property, but also yourself. You need to ensure that they are not mistreating your building.

Once you have your CCTV set up, you need to focus on other aspects. This includes shutters for the windows and doors. Tenants will want to know their property is looked 24/7, and it isn’t easily accessible. If there is a warehouse section where vehicles are left, make sure this has tall fences to not allow anyone to climb over. Plus, ensure barbed wire is placed at that top to stop them from climbing over.

Invest in your interior

Although ensuring your exterior looks the part, you also need to ensure the interior is looked after. Make sure there is no damp/mold in the property or nobody will be interested in moving into the building. Furthermore, if you are looking to get a new tenant in, we recommend that you invest in good-quality lighting and give it a repaint. We also advise that you paint the walls a neutral color so it allows the new tenant to customize the property to how it should be.

Refloor if needed

If the previous tenant has taken care of the floor, then it is your job to renovate it. If you have the budget to completely replace the floor, then we recommend doing this. If you don’t have the budget for that, then we would advise you to get a carpet cleaning or industrial cleaner to clean your floor. This will make it as good as new, so you need to ensure that this is done if a new floor isn’t within your budget.

Summary

As you can see, there are many things that you can do to ensure that your commercial property looks the best. Whether you are looking for a new tenant or, you want to sell the building, you need to make it stand out.

When someone searches for commercial property for sale in hull, there will be many buildings that will appear, so go the extra mile and make your property stand out.



Image Credit: how to increase your commercial property’s value by envato.com

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Categories: Business Management

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Krayton M Davis

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