3 Tips For Increasing The Value Of Your Commercial Property
Commercial property is always in high demand and when you’re in such a competitive market, you want to make sure that your property stands out amongst the crowd. Whilst you want to ensure that your commercial property isn’t left on the market for months on end, you also want to get a good return on your investment.
Increasing the value of your commercial property is actually much easier than most property owners think. There are many ways in which you can increase the value of your property and make positive long and short-term changes that can improve your property on the whole. Here are 3 tips for increasing the value of your commercial property.
Add More Space
This is often easier said than done, but increasing the size of your commercial property is one of the more profitable ways to increase the value of your property. Just as you would add a conservatory or extension to your home to increase the value, adding extra footage to your workspace can increase the value. Whether you expand the canteen, add additional office space or increase the footage of your warehouse, it’s important to understand that the space must be both practical and usable.
If your commercial property has a dated layout or is poorly designed, then the value of the property will likely suffer. Replace this with modern office space and state-of-the-art warehouse areas and you’ll see an instant increase in the value of your property. If your budget doesn’t stretch to a whole new renovation, then there are other ways in which you can transform useless space into a functional workplace. Simply removing a wall can turn two dark and dated rooms into a spacious office, expanding the footprint of your building.
Improve The Exterior
When it comes to first impressions, potential buyers will almost instantly judge the exterior of your property meaning that having a clean and immaculate exterior is vital. There are many ways in which you can improve the appearance of your commercial property, some of which are especially easy to do. Things such as having the windows regularly cleaned, removing any rubbish and taking care of green areas surrounding the property can have huge impacts.
When it comes to commercial properties, many often have cladding or other material which can fade and become unkempt over time. There are specialist cleaning companies who can carry out some TLC on the facade of your property and restore it back to a clean and shiny exterior, ready for viewings.
Request A Re-Evaluation Of Your Business Rates
If you’re paying a substantial amount of business rates, then consider asking your local assessor to do a re-evaluation of your property. It may be that your current rates are based on assessments which were carried out during a property boom, meaning that they can be reduced as a way of saving you money.
Following the re-assessment, you could then consider increasing the rent payment on your property. This is the most cost-effective way of increasing your property value and turnover, but you should be aware that if you raise the rent too much, then your tenants may be apprehensive about continuing with the renting contract and potential renters may be put off viewing your property.