Four Ways to Increase the Value of Commercial Real Estate
When you buy commercial real estate, you gain a valuable asset that if well maintained and managed, can turn a profit for many years to come. A common question many owners of commercial real estate have is how to increase the value of their property. The following tips will help you add value to your investment.
Four Ways To Increase The Value Of Your Commercial Property
- Make Improvements To The Property Itself: property improvements are a broad term. They can include improvements such as updating the landscaping, installing new carpet, or repainting interior walls. Larger projects can include redesigning the layout of the property, major interior renovations, and more.
- New Amenities: offering amenities can help increase the value of your property. Amenities don’t have to be huge investments and can be something as simple as including free WiFi for your tenants. Amenities can also be large-scale additions. Additions such as courtyards, garden areas, or even a gym which can notably add to a property’s overall value.
- Reduce Overhead/Expenses: another way to increase your property value is to reduce overall upkeep costs. There are industry standards and an ‘acceptable range’ for various expenses. If you’re greatly exceeding market costs, it’s an issue you’ll need to address. Also, review service costs (such as insurance) and actively seek out better deals.
- Keep Up With Your Competitors: finally, don’t allow your property to fall behind other commercial properties in the local area in terms of style, quality, and current design trends. Update devices such as lighting, heating, and HVAC units to meet modern efficiency standards to increase value.
Contact Harkins Commercial Real Estate
If you are looking for commercial real estate for sale, contact Harkins Commercial Real Estate today to learn more. Additionally, if you need help with your commercial real estate upgrades, contact our experts. We are here to help answer all of your questions and assist you in completing your projects.