Commercial estate has the ability to be quite a profitable investment, no matter what your plan for the property is – to sell it, use it for your own business or rent it. If you want the make the most out of your property however, you need to make a plan and take certain actions to boost its value. There are many things that you can do, including various aesthetic and structural changes, so that you make the best out of the space, attract tenants or improve business operations. When it comes to houses, the housing prices are on the rise, so it’s high time you invest into them to boost their value on the market.
Think about care and maintenance of your house
Before you decide to invest in any fancy updates to your house, it is essential that you start from the basics. Repair your plumbing, fix your windows, make sure the septic system and the furnace are working fine, insulate your attic, and take care of any rusty rain gutters. These little things will go a long way when it comes to improving your home’s value. Invest a couple of hundred dollars in order to increase the value of your house by a few thousand. This is more than just a way to save you money – it can also help you in case you want to sell your house. What’s essential to house sales is that your home is in pristine condition.
Yard lighting and landscaping
Your home’s yard is generally one of the first thing that indicates of how much effort you invest into your property, so you have to think about landscaping. If it has a messy garden full of dead plants or a yard that is highly uninteresting, it leaves a bad first impression. You should put your money into fresh soil, shrubs, trees and rocks in order to make your yard enticing. A good looking yard helps you sell your property because your potential customers can see themselves spending time outside during nice weather. You can do this yourself, or you can hire a professional landscaper. The lighting is essential as well, because your house needs to be visible at night, while also looking modern and attractive.
Take care of interior floors
It is a known fact that your customers will first check out your floor when they enter your home. Therefore, your floors need to be modern and clean. Old and worn-out carpets are definitely not the way to go. Although the focus is on the type of your floor – hardwood being the most popular and easy to maintain – a good carpet makes an attractive first impression and creates a warm, welcoming feeling. Of course, you need to make sure that your floors are fixed and in best shape.
Improve the exterior and interior of your building
It goes without saying that both the external and the internal appearance of your building have a high influence on its value. If the building is an apartment complex, you should find a good cleaning and garbage pickup company to provide services to the tenants in exchange for a part of the rent. SBHI strata cleaning experts suggest that taking good care the apartments, hallways, storerooms, as well as the grounds, walkways and parking lots is the most cost-effective way to improve your property’s value. Clean up the garbage, make sure there is no clutter, and take care of your lawns. Your windows and doors need to be high quality, fresh and contemporary. Refresh the appearance of your building with a new coat of paint.
Update your leases
Improving your building and all of its assets is of no use to you if leases don’t get signed. This is particularly a challenge when it comes to class B and C office buildings. To get the deal done, you need to be creative and take good care of your tenants’ wants and needs. Take into account shorter lease periods, rental rates at an introductory level, and more generous free rent periods. It’s also a good idea to give your tenants incentives to bring in new ones. Driving new tenants to your building brings new energy and works a long way, even if you start at lower rates. Start small and offer room so they can grow.
Manage and share costs
It is essential that you regularly update your bids on maintenance, management, insurance and security costs, because expenses will generally grow as time goes by. A triple-net lease is a good idea for improving your property’s value. This way a tenant is responsible for more than just rent, but also for insurance, maintenance and taxes. You may need to lower your base rental rate to get this right. The reason this option is attractive to someone who wants to buy your property is the fact that there is less risk of changing property costs.
The most important thing is that you plan and strategize about your property. Make a list of necessary tasks and ideas and apply them properly. Every type of house or building comes with its own set of challenges, but each and every one of them can be improved, and it is vital that you always come up with new upgrades and ideas in order to keep it fresh and appealing.
February 20, 2017