Top Upgrades That Add Value to Your Commercial Investment Property
Every investor in commercial property wants the best for the property they manage. Increasing the value of property investment and maximizing income is your goal as an investor. Increasing the value of a property generally results in higher profits. Well, if you want to invest in your commercial property for profit, be sure to make sound and objective decisions about your investment. There are many traditional property renovations and upgrades that when you invest in you are likely to lose money without improving your property value. Adding a swimming pool, a new floor and upgrading mechanical equipment might seem to the right improvements but they may not raise your property value. Choosing the right improvement projects may mean the difference between your property being rented and your property staying empty. Consider these upgrades that tenants want for you to increase your property value and boost your ROI.
Commercial Property Rooftops
One of the most often overlook and underused spaces in commercial properties are the rooftops. The outdoor space of a property is for a long period one of the main factors that homebuyers base on when determining whether or not to buy a commercial property. As a result, new apartment builders are always considering the overall look of the outdoor space because of its influence. One of the unique ways to entice potential tenants to lease from you is curb appeal Consider affordable alternatives for roofs such as sustainable gardens, vegetation for purposes of insulation, and outdoor furniture for lounging. Tenants can cope with smaller rental units provided they have great community space to use.
Washers and dryers
According to Multifamily Executive, laundry facility upgrades increases the value of a commercial property. There are case studies showing that these laundry facilities can raise the rental fees of an apartment by over five times the original amount. However, the improvement in rents and net income from laundry upgrade vary depending on your location and statistics. Therefore, you need to do a thorough examination before deciding to make this upgrade. Adding a community laundry space to the building and let tenants pay for their own appliances can also be a viable option.
Adding Gyms To Your Commercial Property.
In multifamily properties and communities, fitness facilities are one of the amenities that highly demanded. Getting commercial gym equipment for your tenants is inexpensive and still a great investment. You can then bring in personal trainers to offer fitness classes such as spinning. They can then advertise and take a certain percentage of the money they get without adding to your operating cost.
Fast Internet in Your Commercial Property
Who doesn’t want fast internet? Over 50 percent of the population work remotely and many more are expected to follow suit. This has made the fast internet a basic utility and not a luxury. Providing high-speed wired service or at least WiFi can add value to your commercial property. It can also act as an incentive for tenants to pay their rent at the required time.
Door upgrade in Your Commercial Property
Door improvement is a great addition. This is one of the upgrades with high ROI in the real estate industry. It is simple improvements such as painting, installation of smart locks and door replacement that count.
Kitchen and Bathroom Alterations
Kitchen and bathroom renovations add significant value to your commercial property since both of them are used by everyone regularly. They should, therefore, be up to date just like any other essential space in the unit. Improve the look of your kitchen by adding tile backsplashes and granite countertops. Upgrade the vanity and flooring of the bathroom while putting into consideration quality and style.
While you may easily find many ways to improve your property and increase value, be cautious not to overdo it. You don’t want to spend a lot of money on improvements that will not give you any return on investment. Choose affordable improvements that tenants will willingly pay more for and help you realize the best ROI.