Who does not dream of owning a commercial property in a secure and serene neighborhood? Most people do, and they expect their investment to increase in value over time. Some of the external factors that determine the value of a property include the infrastructural network, market forces, and the location. The design and types of fixture and fittings in such a property also determines its value. New designs are coming up on a daily basis and keeping up with the trends is somehow hard and expensive. The following are inexpensive ways to increase your investment’s value.
- Let the curb appeal speak
Most people are of the belief that the first impression is the lasting impression. What people see when they set their eyes on your investment create a mental picture of what to expect once they step inside. You can even ask for honest opinions from your friends on what they like and hate about the appearance of your commercial property. Some of the areas of interest will be the walkway, parking lot, and the paint job. Your workplace does not have to be dirty just because you engage in car repairs which may result in oil spills. Mend all the cracks on the walls and pavements within your property.
- Invest in energy efficient lighting
Maybe you are one of those who receives high electricity bills every month just because of poor selection of lighting fixtures. Investing in the right bulbs ensures that you not only save on high bills but also ensure that your property is always secure. Sometimes you may not be able to account for energy consumption from your lighting when you use the same connection to run heavy pieces of machinery. If you own a warehouse, you need LED lighting solutions for both the interior and exterior. The bulbs and tubes do not have to be fancy but only effective.
- Prioritize on security
Your property should be secure if you want it fully booked all year round. Ensure you have doors that are burglar-proof and also invest in security systems such as alarms. Draft some security rules that clients should abide by as long as they do not contravene the laws of the land. The security measures that you can apply on a business premise will be totally different with those in residential areas. Security guards can also man the gates to ensure that only allowed persons access the premise.
- Add crucial amenities
You have to understand your potential clients because people have varying tastes and preferences. Adding a playground to your rental premise that houses young families can be a big boost to its overall value. Think about adding a kitchen, additional bathrooms and board rooms in the offices that you let to different individuals. You can also expand the parking lot to cater to more customers. Free internet connection can also appeal to the younger generation within your premises. You should prioritize on those amenities that have a direct impact on the tenant’s lives.
- Change usage
You can always find better ways to use your commercial property and get bigger returns. You do not have to operate a warehouse for the rest of your life if you can convert the same building to condos and get more profits. You should, however, do thorough research to ensure that the conversion will yield returns. Some of the factors to consider when making this decision are the population demographics, market trends and the total expenses in the conversion. You also have to evaluate the chances of growth from the new business setting.
- Market your property
Having many vacant units at the same time can send wrong messages to potential clients. Such individuals may think that either the premise is not secure or it is not fit for business. You also lose a lot of rent when your units fall vacant. You can use social media ethically or even sign boards in your neighborhood to market your property. You do not have to incur a high cost, but the promotion should be effective.
Increasing a commercial property’s value can seem like a difficult and time-wasting undertaking, but it is simple once you know the tricks. You should focus on decreasing the expenses while increasing the cash flow.