If you have a commercial property in your real estate portfolio, whether that’s for your own company or for renting out to commercial tenants, it goes without saying that you want to make sure you’re getting the most out of it. Despite what you may have heard, adding value to a commercial property is not only straightforward, but often very lucrative as well. Here are a few ways to instantly pile on the market worth of your commercial property.
Make it Bigger
When looking to flip a residential property, people usually add a conservatory, a loft extension, or an outside room. The same principle applies with a commercial property. Things like extra parking space, more offices, a larger conference room or canteen area are all great ways to add a lot of value to your commercial property. Just like adding extensions to a residential home, you’re going to need to consult your local authority for planning permission before setting out any firm plans for extension. This is going to take a lot of back-and-forth and crunching through legal jargon, but it will certainly be worth it in the end!
Improve the Exterior
Just like residential property, first impressions can count for a lot when it comes to the value of your commercial premises. By making sure the building not only looks great from the outside, but shows added functionality, you’ll be able to seriously bolster its overall market value. Make sure that you have at least some greenery where possible, and that all hedges and trees are trimmed regularly to avoid the look of some dilapidated old industrial block. The building itself should get a fresh coat of paint, and upgrading any CCTV, security lights and so on is also a good idea. If it’s appropriate, you may want to add in some completely new features to the grounds outside, such as directional signage or waiting shelters. These things will not only bolster the overall value, but will also have a profound, positive impact on employee morale if you’re using the premises for your own business.
Keep with the Times
While residential properties can afford to look a little quaint and rustic, commercial buildings are a different story. By keeping your commercial building up to modern standards, you’ll be able to pile on value, and impress your prospective clients, partners, customers, and pretty much anyone else who matters! While modernising a business premises can cost a small fortune, there are various additions you can make for peanuts. Smart heating, modern lighting, and minimalist paintings and sculptures can all be added relatively painlessly. One upgrade you should certainly consider is upgrading your air con and water heating system to something more modern and energy-efficient. This will allow you to kill two birds with one stone; modernising the property in the eyes of prospective buyers, and making the whole premises significantly cheaper to run. You can even take this a step further by installing a grid of solar panels on the roof. Just be aware that this particular investment can take a long time to pay for itself.