Commercial real estate is a hefty investment. As a commercial property owner, you probably want to get the best returns on this property whether you sell it or rent it out to other organizations.
With the help of a few investments and enhancements around the property, you can boost its value and increase your return on investment:
This addition makes your commercial property more valuable in the eyes of potential buyers and tenants. Amenities increase the demand for a property, boosting the price or rent you can expect from the space.
If you have a multifamily property, for example, installing free Wi-Fi, starting a garden, and installing a CCTV system can help make the property more desirable. For office complexes, a parking area, courtyard, daycare facility are important amenities.
Improve the appearance of the property
While curb appeal is something residential property owners focus on to improve their home’s value, the exterior of your commercial property requires some attention too. Have the property cleaned on a regular basis so that it looks well-maintained and work with a commercial renovation service in Ottawa to revamp the landscaping and exterior design. They can add unique elements to the building to make it stand out from other properties in the vicinity. Something as simple as having the walkways rebuilt and improving the landscaping will amplify the overall look of the property.
Alter the property’s intended usage
Changing the intended use of a property means you can attract more interested buyers or renters. If you have an old industrial warehouse, for example, converting it into a multifamily property, shared workspace, or an office complex increases its demand, value, and the returns you can expect.
Before you do this, take the location of the property into account. If the property is located in an industrial area, there won’t be much demand for a residential building.
Energy efficient upgrades
New buyers are often interested in the environmental impact of a property. They’ll be drawn to a property with smart and eco-friendly fixtures that can help save on water and electricity bills. Look into having solar powered fixtures, efficient insulation, smart water fixtures, and recycled building materials wherever possible when you’re renovating the property.
Make sure the repairs and maintenance of your property are taken care of frequently and regularly. A well-maintained property tends to require fewer unforeseen repairs and costly malfunctions. Ignoring plumbing issues and other repairs can lead to major damage, which can be difficult and expensive to hide when you’re putting the property on the market.
D.W.Inc. is a commercial construction service based in Ottawa that can help enhance the value of your property. We’ve worked on many commercial and residential projects, creating beautiful spaces according to our client’s requirements. Have your organization’s office constructed in Ottawa by D.W.Inc. We also provide commercial renovation services.
Call + 1 (613) 276-4447 for more information about their services.