How to Increase the Value of Commercial Property
Everyone is seeking more and more value for his or her property. There are two basic types of property,
- Commercial property
- Residential property
Both types of properties have their own selling or rental values. The people mostly focus on commercial property more than residential property.
We must know how to deal with the commercial value of any piece of property. Commercial property can benefit a person a lot if he or she knows what the focal points must be dealt with in a proper way.
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1. General tips to add value
To build a warehouse of general or particular items can benefit a lot. Secondly, build more shops on single shop plots in the form of basements with consecutive floors. Commercial property is a fluctuating investment.
So, you should take certain steps to optimize its value.
- Expand the building with extra floors. Consult with your local builder and make new offices, storage, and parking to add value to your property.
- Make some cosmetic improvements to the place to add value, for example, painting, decoration, new carpeting, remodeling the kitchen, and enabling the internet connection.
- Improve the security check by adding home alarms, installing monitoring security cameras, and installing big lights on the main gate to keep thieves away from your building.
2. Interior of the building
The Interior of any building matters a lot of its high price. Renovation and painting of a building is part of the interior as well.
The first thing after the paint is decorating the ceiling with appropriate lights. The whole area will look beautiful with proper light. Put some artificial indoor plants to give a boosting look to the building. Indoor plants can also be original for more decoration.
Go to greens for improvement. Outdoor earth plants would be more appealing for buyers. The green option includes solar panels energy efficient appliances and energy-conserving windows.
Placement of decoration pieces in the right place would also be beneficial like a sofa set in a spacious place to give wideness to the building. Always make a wise decision when buying a property to build your home.
3. Increase Rent
Some people will not agree with the trick of increasing the rent of the property. Reviewing the historical data, weather conditions and renovation points of the building will allow you to increase rent for tenants.
Determine the increment value and justify it to the tenants. It also would be according to the good market don’t price you out of the market.
4. Replace the use of property
Changing the use of property can also enhance the value of commercial property. Some types of activities try for a particular period of time if it gets value then continue it.
On the other hand, change the ultimate use of the property. For example, if the property was originally built as an apartment to live it may be possible to convert it into an office and able to collect more rent than an apartment complex.
5. Have some apart place for gathering
Most people like to gather to eat, drink, and gossip. So, build a barbecue area in the backyard so the tenant can invite his or her friends for a party. A separate place for gathering can appeal to any tenant and he will go for paying high rent.
6. Marketing
Marketing is the very basic element of buying and selling property whether it is commercial or residential. A few points should be in mind before buying, selling, and renting your property.
- Give ads to print and electronic media as much as you can.
- Don’t get greedy because timing is everything.
- If you don’t have to sell or rent then hang on.
- Negotiates with other real estate persons because it’s a game of good relations.
- Know about your zone and be on top of your training.
About Author
Ammad Ashique is an expert in real estate marketing and also has a passion for writing about real estate investments, plots for sale, and real estate tips and guides. Follow him on Google +.