There are several investments that can raise the value of your commercial property by more than their cost, depending on market conditions and the quality of the improvements you perform. Whether you’re investing in commercial real estate or you are thinking about selling a commercial property of your own, it is important to get the best value for your property. At re:fab, with more than thirty years experience as a residential, industrial, and commercial painting company, we’ve worked with countless building owners that were looking to add value to their property for one reason or another. Based on our experience, we’ve compiled this list of “Five Steps to Add Value to Your Commercial Building” to get you started!
- Become Multi-Use: One of the best ways to increase the value of your commercial property is to make it more versatile. You can do this is many ways. For example, adding showrooms and offices to a property makes the space more attractive to a wider variety of potential users.
- Improve Land: Landscaping works to add value to commercial property the same way it does in the residential sector. By adding landscaping, water features, and other similar improvements, your property will become a more attractive place in which to work and, therefore, to own.
- Go Green: When updating your property, keep eco-friendliness in mind. This will not only keep your property relevant in today’s earth-conscious consumer market, but it will also lower overhead costs. Some of the popular options include energy-efficient appliances, solar panels, and energy conserving windows.
- Security: Another upgrade that can add value to your commercial property is increasing security. Features such as alarm systems, gates and shutters can increase property value by making the property more attractive to tenants and you’re likely to lower your insurance premium as well.
- Aesthetics & Paint: Do some cleanup and updating to your property. Paint all the interior walls, especially if they haven’t been painted in a while. Consider the exterior paint scheme and how that reflects the personality of your business. Update or repair electrical fixtures as necessary to make the building look as modern as possible. Don’t forget the floors, too! EPOXY APPLICATIONS are a great way to add value and to protect surfaces.
A few other tips to remember: If you have existing tenants in your commercial property and you choose to update the property with any of these above steps, you can further increase the value and revenue of your property by raising the rent rate to compensate for the new additions. You will also want to request that the tax assessor re-evaluate your property value. Property valuations are often outdated and sometimes a simple reassessment can significantly lower your tax obligation, thus improving your bottom line and increasing your value.
When it comes time to make updates to your property our team at re:fab will be happy to assist you. Specializing in commercial and industrial painting, power washing, EIFS repairs, epoxy applications, floor coatings, wall and surface protection, and electrostatic painting, it would be our pleasure to help you orchestrate a plan to add value to your commercial property. For a free, comprehensive estimate or to speak with a representative regarding your specific needs, please do not hesitate to contact us today via phone or email. We look forward to hearing from you soon!