When it comes to selling your commercial property, you will be looking to add more value to it if you are looking at selling. There are several things that you can do to increase the value of your commercial property so make sure you read carefully to make those improvements. Luckily for you, it is a lot easier than you think.
Make Improvements Where You Can
If you own your commercial building, you can make several improvements to the building. Whether it is a warehouse or residential building, there are many improvements to make to these buildings. Are there any areas that require cleaning?
Retail and office buildings are great to make improvements. The reason for this is because you can modernise these buildings by improving the windows or the technology. Maybe you can improve the building for visual appearance.
Maybe add a new water feature to the building and/or improve the car park of the building. You could also improve the reception area or improve the kitchen. There are so many things that you can do, that it is hard to not make improvements. Think of things that a business owner will want when buying a property. That shouldn’t be too hard for you because you are also a business.
Increase The Size of The Property
If you can increase the size of your commercial building then great. This is another great way to ensure you are adding more value to the property. If you add more rooms to your building, there is going to be more opportunity to rent out the building because there are more rooms.
Try and get creative with your commercial building. Are there any rooms that are not being used? If the reception is larger than expected then try and minimise it and build a room that you can rent out. It is all about making the most of your property however, don’t try and force an extra room when there isn’t enough room. If you are struggling to find ways of making more use of your building, get in touch with a surveyor and they may be able to help you.
Look After The Exterior as Much as The Interior
Something that many business owners will neglect is the exterior of the building. However, this is wrong and it should be treated with as much respect as the interior does. Furthermore, you must ensure that it is clean and tidy.
This is the first thing that they see which is why an exterior is equally as important as the interior. You are not going to walk into a restaurant if the exterior of the building is deteriorating. Make sure that it is visually appealing and clean. If you have a sign on your building, give it a repaint and make it look more attractive to any potential buyers. Do you have a car park for your commercial premises? Repaint the lines of each car park space. If things look like they are looked after, then it is more appealing.
Ensure that you hire an industrial cleaning service for your building before your property gets valued and then it will be in a clean state before evaluation. If you are just renting out rooms on your property, we suggest that you keep them on top of the exterior. Regular clean-ups are something else that you can have throughout the year and if your building is in use all year round, we would advise you to do this.
Request a Re-Evaluation of Business Rates
There are several things that you can do to your property however, there are some things that don’t stand out like the rest. This is where a re-evaluation of your business rates comes. Due to the current energy crisis and the cost of living increasing, it only seems right to get a reduction. Make sure you do this correctly and it could benefit you massively.
Increase The Cost
Whether you are renting out the rooms or selling the premises, you now have the power to increase rent or the value. That depends on whether you have completed all of the other things that have been previously mentioned.
You cannot increase the cost of your building if you haven’t made any relevant changes or improvements. As mentioned previously, there are many reasons why you can increase the rent of your rooms now due to what is going on in the world. However, make sure that you have a valid reason for doing so.
To Conclude
There are many ways to improve the value of your building plus give you more of a reason to increase rent. If you make these improvements and keep your building well maintained throughout the year, you are then able to make the increases you want.