Smart Renovations for Increasing Commercial Property Value

When you own a commercial property, it’s difficult to determine which improvements are cost-effective and which projects you should avoid all together. With that being said, it is certainly true that some renovations are not only ultimately unnecessary, but can be downright detrimental to the value of your property. Before initiating any renovation projects in your own commercial property it’s best to weigh the pros and cons of the venture. For instance, not all building improvements will help with tax savings or building income in the long-run, and it might be in your best interest to avoid them and save yourself the hardship.

In this article, we’ll elaborate on some of the commonly effective methods for upgrading and improving commercial properties that can enhance your investment. Keep in mind that these improvements might not be universal to all commercial properties; for instance, some upgrades might make more sense for an apartment building rather than a retail location.

Flooring is foundational

Whether it’s an apartment building or a retail property, the flooring in the building is an important, foundational element structurally and aesthetically. Flooring can take a beating over time, and it’s simply one of the ways to keep your property relevant, in good condition, and appealing to the masses. Replacing flooring can be a relatively cheap upgrade depending on the materials used. Today, there are plenty of low-cost options available that will significantly enhance the value of your property.

New lighting can lower expenses

In a residential property, lighting is one of the most expensive internal elements, alongside central heating and air costs. Now, in a commercial property you can multiply those expenses substantially to get a taste of just how much money is wasted in inefficient lighting each year. By replacing old, outdated light fixtures and implementing widespread use of LED bulbs, you can greatly cut electricity costs to a manageable amount, which inadvertently increases the value of the property.

Include a few embellishments

One of the factors that makes commercial properties stand out is their unique design elements that welcome and invite people through the door. Whether it’s a retail property or a residential property like an apartment building, replacing outdated fixtures, appliances, and other small adornments like inviting paint colors are simple ways to make your property stand out and accumulate more revenue by inviting new business prospects or residents.

Implement security measures

Whether your commercial property houses tenants or retail stores, optimal security measures are a critical element of any establishment. Providing safety for tenants and residents is important, and creates a sense of security for all who enter. This is invaluable in that it surprisingly can create more traffic and business on the property, which ultimately makes the property more valuable all together.

Upgrade the exterior elements

Addressing the internal elements of your property is certainly important; however, it’s equally important to address the exterior of the property. Creating a visually appealing and inviting atmosphere on the outside of the property is one way to draw more customers and tenants in. This could be an opportunity to re-brand your property with new signs, a new name, or just simply painting the exterior. You may also consider drought-resistant and cost-effective landscaping options to enhance curb appeal or repave the parking lot making the space feel upgraded and elegant.

Visible, cohesive branding

Along with upgrading the exterior of your property, you might be wondering how to re-establish your property’s branding. Consulting with professionals in this area isn’t a bad idea – as there are certainly do’s and don’ts when it comes to branding and advertising. The basic idea is to make your property more visible, more attractive, and more memorable than it currently is.

Making smart financial choices requires skill and expertise

As CEO of Landwin Real Estate Advisors, Martin Landis has established one of the most successful investment companies in the nation. Housed in Century City and Encino, California, Landwin is known for helping individuals and corporations all over the United States make smart financial investments. Part of establishing and sustaining a financial investment involves occasionally making upgrades and improvements to ensure the long-term vitality of a property. This requires financial know-how and expertise in property investment, which the professional advisors at Landwin embody. To learn more about our services and how to enhance your investments, please call us today.

* Shopping Mall image credit goes to: jewhyte.

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Martin Landis

Hello everyone! It’s Martin Landis here. In my role as the Managing Member (CEO) of the real estate advisory firm Landwin, LLC, I draw upon my many years of business experience in real estate and marketing.