Buying residential or commercial property is a great way to diversify your real estate portfolio. In particular, commercial real estate offers several advantages over residential properties. Commercial properties have a higher earning potential as you can rent it out or use it to run your business.
Down the line, your business might outgrow the space or you may want to purchase another property. That’s why it’s necessary to make certain improvements to ensure your property sells at the best possible price. Here are some improvements you should consider for bigger returns.
- Introduce Modern Amenities
Whether you are planning to transform your commercial property into an apartment complex or rent it out to another business, introducing modern amenities can improve your returns. Adding a fitness center, pool, coffee shop and elevators are some popular ways to make your property more convenient for tenants.
- Improve Building Envelope & Structure
Obviously the building structure and envelope play a crucial role in keeping your tenants or customers safe. That’s why any structural damage should be immediately addressed. Replacing or repairing might be expensive but it’s not something you should neglect.
- Upgrade Security
Whether customers are looking for a place to live or work, security is an important factor that influences their decision. Putting up a fence around the property with an automatic gate to make it a gated complex can give residents some peace of mind. Installing floodlights and security cameras are also essential to enhance your property’s security.
- Offer Parking
Finding parking in a busy city is a nightmare. However, you can attract tenants as well as improve your property’s value by constructing a parking space.
- Renovate Kitchens & Bathrooms
When renting residential properties, people pay extra attention to kitchens and bathrooms. Renovating these areas promise high returns as it allows you to increase the rent.
- Create Social Area
To make your property attractive to potential buyers, you have to offer something that other neighborhood properties don’t have. Creating social or recreational areas is an excellent way to make your space more interesting. For example, you can create a common room where employees can collaborate or renovate the roof where tenants can host gatherings.
- Don’t Forget Curb Appeal
Something as simple as repainting the exterior, lobby, and other common areas can boost your property’s visual appeal. You should also pay attention to the surrounding landscaping and making minor repairs. Improving curb appeal is easy as well as cost-effective.
- Consider Smart Automation
Smart automation makes it possible to control everything, from lighting to heating, with a smartphone. As a result, it can add convenience to everyday life as well as improve security. Smart automation also increases energy efficiency, which is something modern customers prefer.
Besides boosting the value, improvements also improve the current functionality and look of the property. Upgrading your property with modern amenities will help you attract more buyers and earn higher revenue.