In this blog post, we’ll be looking at value creation in the built environment and give you a few tips on how to add value to your property.
Adding value to real estate property means making improvements to enhance its value and ultimately increase cash flow. This can include renovations, repairs, subdivisions, building reconfiguration, zone changes, vacancy lease-ups, etc.
There are a plethora of ways to add value to your commercial property. They include:
1. Improving the exterior
Sprucing up the exterior of your property is a small change, but it can make a drastic improvement. A few simple ways you can improve the exterior of your building include:
• Cleaning windows regularly
• Painting the outside bricks
2. Add more space
Adding space can go a long way in increasing the value of your commercial property. Parking space and extra storage are always in demand, so adding more of that can help increase the demand for your property. If you have a commercial building, creating additional offices or more conference space can help make the building more alluring. That said, ensure that the extra space you create is practical and functional. A key consideration these days is modern office trends, a need to include collaborative spaces, embrace how the pandemic has changed the way we use technology not only at home but in the office. Offices now have to be destinations rather than a place people come to each day.
3. Add new amenities
Other than the space itself, tenants and buyers consider the amenities the building has to offer. Availability of wireless internet, a fitness centre, an entertainment area, etc., can significantly increase the value of your property. If you are unsure what amenities to add to your building, talk to your tenants and other individuals who frequently use the building because they know exactly what could make their lives easier.
4. Invest in smart building technology
Smart building technology may be what you need to add a wow factor to your building. It automates processes to automatically control the building’s operations, such as lighting, security, heating, etc. This improves the efficiency of your building and can be a unique selling point.
5. Update and modernise
As mentioned earlier, new developments are always coming up. Therefore, it is crucial that your building is comparable to the surrounding properties in terms of quality, aesthetics, and style. Installing new floor coverings, updating the HVAC system, buying energy-efficient appliances, etc., are a few updates that can really modernise your property.
If you want to update your commercial building’s flooring, Duraflor is a leading luxury vinyl tiles and carpet tile supplier for commercial spaces. Get in touch with us today for more information about our products.