Investing in commercial property is a fantastic way to increase your revenue and earn a passive income. In most cases, your commercial property value will increase over time. It will become more valuable the longer you hold onto it.
However, in order to reap the rewards of this type of investment, you must properly maintain the building, keep it updated, and make improvements. Not only will this maintain the value of your property, but it can also lead to a substantially higher income.
For example, the better your property is, the more you can charge your tenants for rent. Conversely, if you decide to sell the property down the road, you can ask for a higher price.
But what improvements will drive up the price? Keep reading for the top tips on how to increase the value of a commercial property.
1. Install Eco-Friendly Windows
If your building is more than a decade or two old, it might have outdated windows. Older windows are not nearly as eco-friendly as their modern counterparts.
New windows have two panes of glass with air or gas in between them. This adds a significant level of insulation to the window design. This makes it much easier and more affordable for property owners/tenants to maintain the right temperature in their buildings.
2. Update the Appliances
One of the most distinguishing factors affecting commercial property value is the age and efficiency of the on-site appliances.
If you own a residential rental property, consider investing in new kitchen and laundry room appliances. This will allow you to drive up rental prices. Additionally, having an available unit with updated appliances will be an easy sell to potential tenants.
3. Provide Better Parking and Security
When learning how to value commercial property, you must consider safety and convenience. For example, if your property only has on-street parking, it’s neither safe nor convenient for your tenants. Depending on the part of town they’re in and what time of day they leave the building, they might be at risk of getting mugged or harassed.
If you can provide better parking and security for your tenants, it would increase your commercial property value. This might mean developing a parking lot, installing a security fence, putting up cameras, etc.
4. Invest in a Fresh Coat of Paint
One of the best tips on how to increase property value is by making it look newer and cleaner. You can accomplish this easily and inexpensively by hiring professional painting contractors.
Professional painting services can help you breathe new life into your building using modern colour schemes. Exterior painters and interior painters can give your property a much-needed update. Contact commercial painting services in your area to find out what your options are.
5. Reconfigure the Space
How do you determine the value of a commercial property?
In most cases, commercial property value is based on the potential revenue the property can bring in. Therefore, by increasing the property’s potential, you can increase your rent and/or the sale price of the property.
For example, convert a warehouse or industrial space to house multiple retail stores. You could also advertise the space for spas, gyms, and offices.
Want to Increase Your Commercial Property Value?
As you can see, there are plenty of ways you can increase your commercial property value. However, you must decide how much money you want to spend making renovations.
If you want to know how to increase the value of a commercial property without over-investing, we can help. Contact us, your expert painters in Sydney’s Eastern Suburbs today to get a free quote on our professional painting services. We handle interior and exterior projects and would love to help you improve your building.