With the increasing demand in commercial property, existing properties are more valuable than ever. However, properties are valued on their current state, and not so much on their potential. As a property owner, you can increase the equity you have in your property by maintaining the current property’s value. Simple maintenance in your commercial property includes continued investment in your property, keeping the exterior well-maintained, and performing cost-saving energy efficient measures.
Keep Investing in Your Property
Potential customers are naturally more attracted to a property that is well-maintained. All structures decay overtime and to combat this, it is important to keep investing in your property. Perform the necessary maintenance to fix issues and prevent costly repairs later down the road. Performing upgrades, replacing flooring and major systems when necessary, will increase the life and value of your commercial property. Routinely check your roof to catch leaks and damage to the building or your merchandise. Regular, less expensive maintenance will be much more better than having to shell out larger sums later for major repairs.
Keep Your Exterior Maintained
The exterior of your building is your customer’s first impression. When your exterior is in disrepair you drive away potential customers and put the structure of your building at risk. Landscape your property and keep it clean from trash and debris. Consider sealcoating the parking and walkup surfaces to prevent cracks and unsightly parking lots. How much traffic your parking lot gets helps you understand what your sealcoating needs are. These are habits that are cheap and take little time but make a huge difference in how your building is presented.
Improve Efficiency
You can improve the efficiency of your commercial property in multiple ways. Adding extra insulation will help keep heat and cold temperatures in or out, depending on the season. Smart technology devices will assist you in lowering utility bills and are environmentally friendly. Energy efficient lighting can reduce your electricity bill, prolong the life of light bulbs, and simultaneously reduce maintenance costs. Better lighting also makes your property more attractive. When you improve the efficiency in your building you save yourself and your tenants money and resources that could be spent elsewhere.
Commercial property is an investment. The value of your property can increase or decrease according to the work you put into it. Maintain, or better yet, increase the value of your property by investing in it, keeping the exterior well maintained, and improving energy efficiency.
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