How to Add Value to a Commercial Property

Whether you rent it out or use it for your own business operations, commercial property can be a profitable investment. In order to boost and optimize the value of your property, there are certain upgrades and investments that you might want to consider. This way, not only will you be reaping the benefits of rental income or the profits of your own business venture, you will also be adding to the value of your commercial property, ensuring that it goes for a good price whenever you decide to put it up for sale on the market.

• Increase the versatility of your property by converting it to multi-use. Do not limit it to one thing – add offices, showrooms, different kinds of shops, and even entertainment options. This way, you will be catering to a wider range of customers and potential users and businesses.
• Work on improving the quality of the land that surrounds your property. Look into landscaping, add ponds and trees, etc – all this will make your property more attractive, pulling in more businesses and thus more buyers.
• Consider installing utilities, for the convenience of the businesses operating on your lot, and for the visitors, and if the property is large enough, you might want to create a small network of roads within the plot. This will increase the developmental potential of the commercial property to great effect.
• Conduct a clean-up – have all the buildings on the plot painted on both the interior and exterior, take care of any repairs or maintenance issues, and have electrical fixtures updated. Have the exteriors of all the buildings renovated, to give the property a sharp, modern look.
• Consider expanding the building – the larger and wider it is, the more the value will increase. Taking into account the current demands and market conditions, decide which type of addition will work best for your property – e.g. office, storefront, warehouse, amenity, parking, storage, and so on. Before you begin building, make sure you obtain the necessary permissions from local building authorities.
• Name the property, to give it a personality and add to its charm. A properly defined name will make it easier for people to refer to it, and the name will help the property establish its position and purpose in the market. Think it as branding your property, and thus increasing its value.
• Increase the security on the property – add alarm systems, shutters, and gates to beef up the security. This will make the property more attractive to potential tenants, and your insurance premium will be lowered a great deal.