Commercial property, whether you want to buy it and rent it out to make a profit each month, or you want to actually use it for your business, is valuable in most areas. However, keeping your commercial property up to the maximum value isn’t always easy, even for people who have experience maintaining commercial real estate. Use this basic guide to help you figure out what you can do to boost the value of your commercial property. Even if you don’t plan on selling, boosting the value means your property is in good shape, which means more rent each month, a better looking building and an asset with a higher appraisal value.
Add On To Your Property
If you have extra room on the grounds of your building, adding more square footage could be a very beneficial option, especially if the size of your usable space is a little bit smaller than most other buildings in the area, adding more square footage could greatly improve your property. Before you add on, however, make sure you enlist the help of known construction advisory services like Lyle Charles to help you understand the risks and benefits of commercial construction.
Improve the Landscaping
Outside landscaping is an important part of what a commercial property is worth and it greatly adds to the visual appeal of the building. There are a variety of ways to improve the landscaping of commercial property, from planting new grass and flowers to adding full-grown trees from an arboretum or landscaping service to your property. Evaluate your property and see what you think will make the biggest difference. You might want to also call an experienced landscaper that you trust to help you get some ideas for what could improve your building’s look.
Raise the Rent
Raising rent might not make sense to you when it comes to commercial property value, but believe it or not, a rent increase can be an effective tool. That’s because a rent increase that gets paid shows that your building is worth market value or even more. This figures into the historical data of the building and could help to push a valuation a little bit higher than it otherwise might go. After all, whoever buys the building if you do decide to sell will need to see a return from it too, most likely in the form of monthly rent.