Increasing the value of your commercial property is not the same thing as attempting to get a better resale value for your home. Namely, you need to bear in mind that the parties that you’re selling the property to also negotiate on behalf of enterprises, which means that their decision-making process needs to be backed by facts and strong arguments. In other words, all your upgrades need to add to a pragmatic value of the property, otherwise, their value is dubious. With that in mind and without further ado, here are the top five ways how you can increase the value of your commercial property.
The first thing you need to realize is the fact that eco-friendliness might just be the way of the future. On the one hand, it lowers the cost of utilities seeing as how it A) has its own source of renewable energy installed on the premises or B) wastes fewer resources. Just make sure that the eco-friendly upgrades in question are infrastructural and not policy-related. So, solar panels, LED illumination and an open office that’s designed to help you reduce the utility bill might all serve the trick. Also, keep in mind that, this way, the buyer also pays for the ability to market their business as green.
2. Curb appeal
The next thing worth considering is the one related to the curb appeal. Here, the decoration needs to be appropriate to the industry. On the one hand, when it comes to retail, transparency is a huge plus, even a must. On the other hand, if the business requires a certain deal of privacy, this might turn into a predominantly bad thing. Keep in mind, however, that a well-organized parking space may make a huge difference, especially if the property is located in a densely populated urban area.
3. Expanding the area
The next thing you need to consider is the impact of the size of the property on its value. By adding additional areas, you can drastically increase the value of the place. This is also where steel frame solutions are far superior to brick and mortar or concrete ones. This is true for several reasons; first, steel constructions are more cost-effective. Second, they’re eco-friendly (seeing as how steel is a recyclable material). Finally, should you ever need to bring in new machinery (one that’s larger than the entrance), it’s easier to cut through steel and weld it back together than to break a concrete or brick wall to do so.
4. Invest in security
Building a fence with a gatehouse around your premises may not seem as much but it can drastically improve the safety of the property as a whole, as well as all the equipment on it. A similar thing can be achieved by installing a surveillance system, installing smart locks and making other security-related improvements. Keep in mind that some businesses plan to invest in a fleet in order to handle their delivery in-house. Keeping these vehicles safe overnight can, therefore, turn into a huge plus.
5. Structural integrity
The last thing that a person buying commercial property wants to do is invest in a structure that’s in a ruinous state. Now, don’t get this wrong, even though the structure itself may be relatively healthy, merely a sign of wear and tear may be enough to drive some people away from investing in it. Working on a façade, fixing the roof, working on the driveway (concealing cracks in concrete) and similar tricks may be more than enough. The best course of action here is to hire a contractor or an architect and ask them to examine the place in order to see what needs to be done.
While all of the above-listed may be seen as methods for increasing the value of the place, they also affect your ability to sell it in the first place. Some of the improvements that we’ve suggested can act as strong selling points, thus being able to convert even those buyers who would otherwise be uninterested. A larger pool of potential buyers gives you a chance to dictate the price.