There are six categories of commercial real estate, which include office buildings, retail and restaurants, multifamily, land, and miscellaneous, such as hotels or self-storage developments.
Commercial real estate property owners do not need to have a perfect property to increase the potential profitability of the property, but they need to have an understanding of there target market.
Such as is expanding the property the best way to add value to a property downtown, what conditions are vital to attracting small businesses or start-ups, or in which markets is the demand high and inventory low?
Be sure the modifications and improvements you will be making to your property are designed to create the highest potential for resale.
Doing improvements and small renovations in a cost-effective way can boost the value of your property and give you a more significant return.
If you are contemplating how to enhance the resale value on your commercial property, follow these five steps:
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1. Improve lighting
Having better lighting installed is a cost-effective way to improve the appearance of your space. If upgrading the light in your building, consider the use of energy-efficient lightbulbs, such as LEDs, that use 25 to 30 percent less energy and last a lot longer. Replacing with LEDs increases your cash flow and the properties’ overall value in the long run.
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2. Install New Floors
If your property currently has carpets, you might want to consider upgrading the flooring in your commercial property. Wooden floors have the most significant appeal and match with contemporary and traditional interiors, if looking to minimize costs, install linoleum, which can be purchased to look like wood.
laminate flooring planksinterlocking floor tiles
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3. Update Appliances
If their appliance in your commercial property, you might want to consider updating them. Black and white appliances are out of date, and stainless steel is now the most popular finish on devices. An upgrade on the appliances can give the property a new feel, and it a good investment for increasing the resale value on the property.
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4. Replace Doors
Replacing doors on your commercial property to sturdier, more visually appealing doors can add a unique appearance to the space. New entries are useful in a multi-duplex apartment building and an upscale office building. It’s a relatively cost-effective way to increase resale value to your property.
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5. Improving the Exterior
It’s essential to spend some money and time on the exterior of your commercial property too. Landscaping, fresh paint, and property paving increase the resale value on your building. Resurfacing the drive or parking lot makes a big visual difference to potential buyers. Remove weeks, rough patches, and have lines painted.
Wrapping it Up
In general, you want to make sure you are presenting a clean state to prospective buyers when you are considering putting your commercial property on the market. A blank canvas gives a potential buyer the ability to envision their business occupying the space.
other valuable tips:
Before you begin any property improvements, it’s essential to look at tax implications for your commercial property. You are investing in technologies that decrease expenses and environmental impacts. There may even be tax incentives in investing in eco-friendly technologies.
However, you want to make sure you avoid common pitfalls when increasing the value of your commercial property, because there are still things that can come up or fall apart during improvements such as underestimating costs, and not managing your expectations during the process.
As long as you have done your research and are going into commercial developments with a realistic view, these tops can help when it comes to increasing resale value.
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Image credit: increase resale value by Pixabay
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