Commercial real estate may be a bit different from residential real estate, and this is an important detail to keep in mind. This is especially the case as far as the investments that you may make into it, which need to fit within a set budget for the best outcome. If you’re looking for some actionable ideas, here are four that you can make use of to improve the value of your property and therefore get more money out of it over time.
1. Safety
Since a commercial property typically has tenants or some other method of generating income, it should be clear that keeping it safe is an important priority. There are a number of safety investments that you could make, and one of them is installing surveillance to make sure that the property is safe from issues like burglary and even vandalism. You should also make sure that the property is safe from fire by installing fire safety features and keeping them up to standard. On this note, remember that fire protection systems are means to undergo regular visual inspections and functional testings under the NFPA25 Code to ensure that they’re updated and working the way that they’re designed to. These testings and inspections are done once a month, quarterly, semi-annually, yearlu, and at intervals of five years and 10 years.
2. Plumbing
You also need to make sure that the plumbing in your commercial property is in good shape all through. That’s because water damage can be quite expensive to remedy, with the mean loss of commercial water damage claims in 2019 standing at $89,000. To avoid such issues and expenses, you need to inspect the plumbing on a regular basis and fix or replace anything that needs to be fixed or replaced as soon as it’s discovered. You should also make sure to keep the plumbing modern so that it works as it should all through, maintaining a high standard of both function and appeal. With proper plumbing, you may be able to lower water loss as well, making your building more sustainable.
3. Window Replacement
You should also think about investing in new windows for your commercial building, since these elements play a number of important roles in the average building. On this note, keep in mind that windows typically last for anywhere from 15 to 50 years, according to Angi. That means that if your commercial building’s windows have last for this long, they’re due for replacement, and you need to get this done fast. Failure to do so takes away from the building’s curb appeal, also impacting energy-efficiency negatively and leaving the building at risk of further damage. That said, invest in beautiful, modern windows that will take your building’s value to the next level.
4. Landscape
Last but not least, you need to make sure that the landscape of your commercial property is in good shape. Hire a professional landscape artist to inspect it and suggest improvements that can be made to it to make it more manageable and appealing. This may involve planting new greenery or installing more hardscape, and making repairs to damage that may exist. You could also change the layout to make the landscape more appealing and functional so that people who interact with the property enjoy doing so. With a beautiful landscape, your property is also going to have better curb appeal, and this can be beneficial if you’re trying to attract people to the building.
If you can make these four key investments in your commercial property, you can be sure that the results will be reflected in due time. Residents of the commercial property will enjoy being inside it a lot more, leaving you with an easier time in terms of its management. You may also end up having to do fewer costly repairs and replacements if you keep up with the right investments, and that’s why you must be aware of them and actually act on them.