Commercial properties are potentially well-earning investments. The extent of how lucrative these can be significantly relies on the choices you make to maintain the property and keep it at its peak condition even as the years pass.
However, not all so-called improvements increase the value of your commercial property. When not thought through carefully, some renovations have costs that outweigh their potential benefits.
Since a commercial investment property is used by many people at one time, you must make upgrades that ultimately benefit those who live or work in these spaces. This guide presents some helpful tips on how you can make improvements in your commercial space that have lasting impacts.
Six Upgrades to Increase Commercial Property Value
Substantial property improvements allow you to raise rent prices for tenants. They also keep your property in its best condition for a longer period.
1. Increase the building’s security features.
The guarantee of security is something that many tenants are willing to spend money on. By improving security systems, people in your premises will have more peace of mind.
One cost-effective measure is to install sturdy fences. Vinyl is a good material for your fences. They are durable and require little maintenance because they do not rust, fade, or decay. Employ a reputable builder of vinyl fences with good warranty policies.
Set up motion detector lights in the exterior parts of your building as a first line of defense against potential intruders who try to enter the property premises. Additionally, keep entrances and exits well lit especially at night, as these help deter crimes.
2. Adopt eco-friendly technologies.
Aside from tenants becoming more and more conscious about the environmental impacts of their lifestyle decisions, eco-friendly practices also save you money in the long run.
For instance, investing in solar panels to supply building power has large upfront costs, but they can power your property while decreasing your monthly electricity bill expenses. The larger the panels are, the more power they are able to provide to the property.
There are also water-saving fixtures, which include efficient showerheads, water-saving toilets, and efficient dishwashers, among others. These are immensely useful investments both for you as an owner and the tenants who make use of the commercial space as water is a basic necessity that everyone needs daily.
3. Build a rooftop.
The COVID-19 pandemic has heightened the importance of open spaces to serve as safe communal areas for people to spend time in. To respond to this need, build a rooftop on your commercial property.
Examine the demographics of the tenants in your property to know the appropriate use for the rooftop. Common options are turning it into an outdoor lounge area with tables and seats where people can come together. Playgrounds are also good to have when there are children in the property.
4. Improve your laundry facilities.
Many overlook everyday needs when mapping out improvements to be made in a space. Whether every unit in your property has its own laundry area or you have a shared laundry space, see how you can make these better for anyone who will be using them.
As previously mentioned, one way to have better laundry facilities is to upgrade to more environmentally friendly machines that save both energy and water. Also ensure that the capacities of each washer and dryer is large enough to account for the needs of tenants in the building.
5. Add features that promote privacy.
Installation of security systems keeps the privacy of tenants in mind. Still, there are further improvements you can make to have privacy be a more prominent feature in the home.
Tint your windows to provide units with sufficient privacy from the outside while not compromising the views they can see from inside their units. Design your landscaping, too, to promote better privacy by making hedges higher to act as an extra fence of sorts around your property.
6. Revamp your parking lot.
People will come in and out of the property throughout the day. A well-designed and well-maintained parking lot makes these routines stress-free for your tenants.
An evenly paved parking lot is a sign of quality and care. The attention put into these facilities speaks volumes about the overall condition of the commercial property.
More practically, even paving prevents accidental scratches and flat tires that potholes and asphalt cracks could cause. Give parking lines and pedestrian crossings a fresh coat of paint, too, to make parking convenient for everyone.
In improving your commercial property, the changes need not always be grand to be significant. Also examine the overlooked areas of your space to raise its value in the market.