Whether you’re buying or selling commercial real estate in the near future, it’s essential to learn how to make your investment worthwhile. Here are some reliable tips to increasing your property’s value:
Keep utilities up and working
As a responsible landlord, you need to make sure that your property’s basic tools are working properly. That way, you keep your tenants satisfied and motivated to remain in your property longer. Moreover, keeping everything in tip-top shape assures you of savings in maintenance and repairs for the long term. Utilities you want to keep an eye out for are water, gas, and electricity — get them regularly checked to make sure they’re working in optimal condition.
Renovate and upgrade amenities
Making incremental improvements to your amenities, including cosmetic upgrades, all serve to increase your real estate value in the long run. Providing parking space, making over the lobby, or repaving the driveway are some enhancements that are sure to make your tenants and customers happier.
Ensure its structural integrity
Make sure the property is structurally sound for both current and future users. This is an essential step that may take a bit more effort and funds, so be sure to prepare for this beforehand. Take time to consult with professionals who can inspect the roofing, the foundation, and other potential property hazards.
Consider eco-friendly alternatives
Most buyers, tenants, and customers are eager to support businesses that want to help in saving the environment. This also helps encourage the community to do their part in repurposing or recycling whenever they can. Look into using energy-efficient lighting and appliances, air-purifying paint, tankless water heaters, environmentally friendly flooring, and solar roof panels. Along with those, you may want to add a fair amount of greenery wherever possible to keep the air fresh, improve the scenery, and uplift the general disposition in your community.
Make a space that future owners can personalize
In staging or showing your commercial property for sale to potential buyers, make it a clean slate by decluttering and cleaning the space. In doing so, it’ll be easier for them to imagine their respective business plans in action here. It also helps to make your square footage look as spacious as possible. You may apply these changes incrementally or in one fell swoop just before you sell your commercial property.
Improve on your outdoor space
In need of ideas on how to spruce up your property’s outdoor area? A fresh coat of paint, tidy landscaping, and even a garden for tenants and customers to enjoy. Nobody likes being cooped up inside all day, and it’s a wonderful treat to be able to spend some time outdoors even just for a few minutes. An area where they can have their morning coffee or afternoon break is sure to be a pleasant addition.
Maintain its security and privacy
Security is a significant amenity for any commercial space, but to varying degrees depending on the business that will be established in it. Apart from boosting your property’s value, your tenants will benefit from the upgrades. Moreover,what you did here will give the next owner great ideas on what to install and how to manage security in the property.
Staging rental property
If you have a rental property to sell in the near future, keep in mind your target buyers. These tips below will work best when you’re sure who you can market your property to. If you’re unsure, consider consulting your real estate agent for recommendations on staging the property to attract potential buyers to the space.
The above-mentioned advice is essential in making the space work for the next user. For this section on staging, the goal is to rent or sell your property as quickly as possible. Here are some staging tips to consider for selling your rental property:
- Make the first impression count. Knowing who your potential buyers are is great, but targeting a niche market is even better. This way, you’re informed on how to furnish and polish the space, so they can have a clearer picture of how they can use it to fit their needs.
- Start from the inside out. From the inside, you can include plants for a warm, welcoming atmosphere. Make sure the furniture is tidy and inviting. Consider adding an executive space for the potential owner and manager of the property or a large meeting space that they can style according to their needs.
- Boost your curb appeal. For the exterior, make sure everything from the driveway, the sidewalks, the landscaping, and the windows are spic and span. This includes filling in and repainting cracks as needed.
Looking for the best advice for buying and selling commercial real estate? Get in touch with the professional team from RE/MAX Direct. We’ll help you find the perfect property in West Chester PA. Call us today at 610.430.8100 or email us at remaxdirectwc(at)gmail(dotted)com.