Commercial real estate can be a lucrative investment, but only if you maintain a good property value. As a real estate owner, there are a few things you can do to increase your commercial property value.
5 Ways to Boost Your Commercial Property Value
#1: Create Inspiring Interiors
Renovating the interior is a relatively simple way to add value to your commercial property. If your building is looking drab and worn down, adding even just a fresh coat of paint or new flooring can help add property value.
- Renovating common spaces like bathrooms and lobbies.
- Repainting walls.
- Adding new carpeting or wood flooring.
#2: Brush Up Your Curb Appeal
Your commercial property’s interior is only half of the story. Improving your curb appeal can also help your property value. From small changes to a complete landscaping renovation, there are a few things you can do to improve your exteriors.
- Invest in maintenance for the grounds, parking lots, and walkways. This includes trash pickup, lawn care, and other basic maintenance.
- Faded, greying paint can make your commercial buildings look drab. Invest in a fresh coat of paint.
- New landscaping can also improve your property value.
- Repairing or repaving a sad, pothole-filled parking lot is another great way to improve your property.
#3: Expand Your Space
Adding more square footage to your property can also help increase your commercial property value.
Adding more parking and storage space is a relatively simple way to get started. You can also consider finishing any unfinished spaces.
Building additions can also help improve your return on investment. If your property is in high demand, consider adding new offices, warehouses, etc.
#4: Go Modern
If your commercial building is old and dated, modernizing the space can increase your property's value. This is especially important if you own an older building in an area where many of your surrounding neighbors have modernized their buildings.
A new roof can help modernize a building's appearance. Investing in a modern roofing system may require a larger investment upfront, but has the benefit of a longer life cycle and low maintenance costs.
You can also modernize your commercial property by adding environmentally friendly features, such as solar panels and energy-efficient windows.
#5: Avoid Vacancies
Vacancies can quickly become a costly problem. They eat into your operating costs and can have an impact on your commercial property value. Working to prevent extended vacancies is crucial to safeguarding your investment.
To help avoid vacancies:
- Invest in smart, cost-effective marketing to bring in new tenants.
- Stay on top of maintenance and consider investing in renovations to keep your current tenants.
If you're looking to grow your commercial property's value, start by investing in some simple renovations. Talk to JV Lucas about how you can update your parking lot to improve curb appeal. Schedule a consultation.