How To Increase Your Commercial Property's Value Before You Sell
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Commercial real estate is a fantastic opportunity for the driven, motivated and hard-working business person. But as every business person worth their salt knows, there will come a time when it feels right to move on to bigger and better things. When that time comes, it’s important to make sure you are getting the top value for your commercial property. These are 4 upgrades that will increase the value of your commercial property and give you a bigger return when you decide to sell.
Many consumers these days are making a conscious effort to think more environmentally-friendly. For that reason, buyers are more inclined to invest in properties that are eco-friendly in some compacity. Before you sell, consider reducing your property’s carbon footprint by investing in solar panels, using recycled building materials for renovations, installing low flow plumbing fixtures or even changing to energy-efficient light bulbs.
Make It A Blank Canvas
Appeal to multiple buyers by removing all remanence of the previous occupants, doing a deep clean of the property inside and out, and make small repairs such as repainting, changing lights or updating the flooring. A sparkling, blank canvas shows potential buyers the true value in your property and that the list price is worth paying.
Update the Exterior
The exterior of the building is one of the largest factors that can impact the value of your property. Invest some time and resources into improving the exterior of your building by upgrading the siding, applying a fresh coat of paint, rebuilding the sidewalk, or updating the windows. You should also consider updating your building’s signage as it is the first thing people see. A sign that is obstructed, broken, or hard to read is a turn off for customers, which is a turn off for buyers.
Increase Parking & Security
Significantly increase the value of your property by increasing parking and security. A newly resurfaced parking lot with lots of parking spots will appeal to any buyer. Adding security cameras and more lights in the parking lot, alarms in the individual businesses, and even hiring a private security guard will show any buyer how much value is in your property, considering you are taking precautions to protect it.
If you have invested in a commercial property your intention was always to make money. Now that you are selling it’s time you get your money’s worth. If you need advice, tips or personalized recommendations for how you can improve the value of your property please click here to learn more!
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8