Commercial real estate is one of the most lucrative investments around. No matter what the plans are for the property, whether it is to be designated as a rental or used to house your own business, putting time and effort into it will help increase the value of your investment and will be beneficial over time. Consistent upkeep is crucial, and we share some tips here:
How Do I Maintain The Value of My Commercial Property?
- Add square footage. Depending on how the property is being used, adding more space to meet the needs of clients or enabling you to increase the number of tenants is a practical option. If it isn’t possible to add square footage laterally, then go vertical by constructing additional floors. If your property is in a high demand area, it will be beneficial to add more units that can be leased, such as offices, storefronts, and warehouses, along with parking space.
- Make exterior improvements. Potential clients can be attracted if your property is attractive. Local cleaning and garbage pickup services can easily be contacted to take care of many of your needs around your property.
- Ensure that common areas are kept up and safe. Parking lots, bathrooms, walkways, and yards that are well taken care of add value to your commercial property.
- Update exterior elements. Doors, windows, security cameras, and paint should all be freshened and in good working order.
- Invest in landscaping. This element will greatly enhance your property’s visual appeal, which also boosts its value.
- Decrease operational expenses. Increase your profits by making upgrades in several areas: switch to energy-efficient light bulbs throughout your property. Research individual local utility meters so that some expense can be passed to tenants. Invest in modern HVAC systems to optimize your property’s energy consumption.
- Regular maintenance. Throughout your property, you will want to ensure that consistent maintenance is completed as a proactive and preventative solution to many problems and issues that can come up in owning a commercial property.
The Ascension General Contractor team specializes in repair and cleanup of commercial properties. Call us at (615) 750 2345 or visit our website: Ascension General Contractors
