As Alltrade Properties recommends, renovating certain areas of a commercial building is an excellent way for owners to add increased functionality and property value.
Old, unmodernized buildings create a wrong impression, while newly renovated properties can establish a good reputation. By improving its functionality and structure, you can make it more appealing to a wider variety of prospective business clients as well as maximize your return of investment (ROI).
With that said, here are expert tips in renovating your commercial building to ensure maximum property value.
1. Create A Plan
Like any major project, you will need to come up with a game plan for your renovation. Having a clear view of the project’s direction is critical to ensure successful results.
Some of the things you need to consider in your planning include:
- Goals to achieve
- Specific target market
- Number of years to get ROI
- Budget allotted for remodeling
- Timeline of the project
- Buying at the right price that ensure that the project is viable (through auction or other direct to vendor means)
The more detailed and well-planned you are, the more prepared you will be for the process and less likely to make mistakes.
2. Partner With Experts
Once you have a plan, you need to find a commercial renovation expert to help you in achieving your goals. A group of experts , including a roofing company in Florence, Kentucky, is one of the foundations for having a successful renovation and giving your money’s worth.
Make sure to look for experts in their own industry. For instance, if you’re looking to renovate your flooring, you need to check the website of flooring experts and dustless floor removal companies. They will have the best knowledge and experience to help you in revamping your floor. You can also see the type of services they offer, in case you want to hire a professional for your floors.
Meanwhile, hiring a project and construction team can help you in planning and leading the project through completion, taking the stress and off your hands so you can focus more on important matters.
Once the renovation is done, you might also want to consider hiring professional cleaners. Cleaning after renovation can be tricky and time-consuming. You’ll have to deal with settled dust and dirt, scattered nails and screws, and other types of trash.
Professional cleaners shall provide thorough cleaning so that it will be pleasant and welcoming for your business clients or employees. If you’re located in Colorado, you can click here to start your search for professional cleaning services in your area.
Regardless of who you partner with, make sure that they have the experience and always look for reviews and referrals for their past work. Don’t always settle for the cheapest contractor you find since it can have an impact on the final results of your renovation. If you’re on a budget, you can also conduct bidding to hire general contractors.
3. Consider Your Location
When considering any kind of project, it’s essential to make sure that your improvements are appropriate for the specific type of local property area and dwelling.
One mistake that building owners often make is improving their properties well above the average of neighboring buildings. Although a building that improved well above others nearby may still receive a good level of interest compared to others in the market, it’s unlikely that it will command a premium price above the average just because of the extra improvements.
Geographic location also has a huge impact on the greatest or quickest payback from projects. For instance, the cost and maintenance of in-ground swimming pools for hotels can make it difficult to recover the cost of installation. In the worst-case scenario, it can even reduce the overall value of that building, especially in areas where extreme cold weathers are prominent.
However, this may not be the case for beach areas or tropical areas where extended periods of extremely hot weather make swimming pools a great addition to your building. In fact, buildings with swimming pools tend to have greater overall value than those without pools.
4. Know Your Audience
Regardless of what kind of commercial building you’re renovating, you need to take your employees’, customers’, and clients’ opinions into account.
If you’re renovating an office, know that the end result can have an impact on your employees’ productivity and engagement levels. After all, their surroundings will play a big role in how they feel at work. So, make sure to consider their needs when renovating and designing the space.
Now, if you’re renovating a customer-centric business like a restaurant or hotel, you need to keep your clients and customers at the forefront of your mind. Your renovation should focus solely on how you can improve your customers‘ experience while they visit your business.
5. Invest In Energy-Efficient Materials
Going green means saving water, electricity, and other resources. And yet, most buildings are still not investing in energy-efficient materials. However, you can address these issues alongside your renovation.
It can cost thousands of dollars now, but in the long term, it can save your building from expensive dues as well as maintain a sustainable and eco-friendly building.
When looking for materials for your renovation, always opt for eco-friendly options. Whether it’s recycled wood for flooring or reclaimed steel for window frames or plant-based insulation for building rooms or tempered glass for doors. You can also consider installing solar panels to reduce your building’s electricity consumption.
6. Think Beyond
Your business can change and your commercial space needs to be able to keep up with the requirements and needs of your business. The purpose of your commercial building can change over time, so make sure to consider this when your start renovating.
For instance, if your business is still in its growing phase, then you need to plan for more space in the future for increasing clients or employees. You might also consider increasing your storage facility or adding more rooms in your hotel.
Regardless, it’s best to envision your business’ status in five years and renovate accordingly.
Commercial building renovation and property management certainly costs more than a residential renovation. Renovating and improving your commercial property will definitely make you a lot of money, but it will be totally worth it in the end. Following the above building renovation tips can help you maximize your renovation efforts to increase ROI and improve its value.