How to Add Value to your Commercial Property
If you are thinking of purchasing or you already have a commercial property like real estate, it is essential to take note of the value. It is good you know there are things you can do to increase the value of your new or already existing commercial properties. If you start by employing the service of a structural engineer and a real estate valuer to know the exact value of the property at that instance, it would help a lot. It would be best if you first examined the property’s potential usefulness to its historical data before considering what next to do to increase the value for the future. Check out five ways you can add value to your commercial property.
Make Improvements to the Property
You might need the help of a professional structural engineer in this regard. This improvement can take many forms depending on how high you want to increase the value of your property. The development can be in aesthetic or substantial rehabilitation. The two types of improvements cost differently, and they will add different values. Aesthetic enhancements include new landscaping, new flooring, and carpeting, original painting or wallpaper, as well as modern decorations. Substantial rehabilitation includes making a significant renovation, changing the structural framing of the property, and so on.
Decrease Related Expenses
This involves going back to the drawing table to evaluate the historical operating statements of the property and phantom where you can decrease the running cost for the occupants. For instance, you can improve the property by fixing more energy-efficient light bulbs to reduce the monthly charge on an electricity bill or even provide a cheaper energy alternative like solar energy.
Modify The Functionality Of The Product
Changing the functionality and the use of commercial properties can also drastically increase its value. Let’s take for instance, you have an old warehouse somewhere around a holiday spot, but instead of letting it lay idle, you perform some structural changes and convert it to a hotel or a shopping mall. Making the commercial property suit its location can drastically increase its value.
Add Special Touches to the Existing Amenities
Including some additional amenities to your commercial property will increase the value of the property. People like comfort and security, thus adding some amenities like free wireless internet, CCTV camera, or swimming pool. The facilities to be included in the property can be dependent on the function of the property will increase the value. For instance, you can add a daycare center for an office building, and an outdoor courtyard in a hotel or resort property.
Increase the Rent
You can also increase the value of your commercial property by increasing the rent. You can estimate how well you have enhanced the value of your property by determining how much the next occupant is willing to pay.
It is quite essential to know the current and potential value of your property before going ahead with enhancing this value. It would be best if you employed the professionalism of a structural engineer, a real estate manager, or a quantity surveyor as the case may be. They can also advise you on the best cost-effective ways to increase the value of your commercial property.