Whether you are preparing to sell a commercial lot or attract higher-paying tenants, know that there are plenty of things that you can do to increase the perceived value of your property. Some of these adjustments can be minor, but in most cases, you have to be ready to make a significant investment if you want to get significant returns. If you make the right moves, the value of your property and the possible revenue you could make from it could skyrocket immediately. Let’s take a look at some ways that you can increase the perceived value of commercial real estate.
Repair or Replace Your Parking Lot
If your parking lot is showing any signs of wear or has open cracks, then you have two options. You can either decide to do spot repairs or have the whole thing replaced. If you want to cut costs and there are no serious structural issues, then carrying out repairs could work, but it might not be enough to significantly increase the value of the property if the concrete still looks worn.
Having your parking lot replaced, on the other hand, will have a major impact on visitors and give you a much better return, so consider both options. If you want to truly know which option would be the best and find a reputable team that can perform repairs and replacements, you can visit this site: https://www.keflatwork.com/concrete-repair-replacement/.
Improving lighting in and around your property is one of the most cost-efficient ways to increase its value. And it will make the building look safer, which is a major factor for most buyers. Adding better lighting inside will make the interior look more inviting, and if you go for energy-friendly lights, then this could be used as an additional selling point. So, look at your current lighting and see if you can make any improvements.
If the security systems are very basic in your business, then you should look at how you can make them better. If you can install a gate, do so if you feel like it will work or is necessary for your business. Add more cameras if your scope is limited and add automatic locks on your doors. Make sure they have motion sensors too and have motion sensors installed at every entry point around the building.
If you have lots of space that you’re not using, try reconfiguring it so you can add more functionality to your building. Changing space into a commercial subdivision, an office, or a storage space could work great depending on the type of building. So, look at the typical buyer for your type of building, consider their most important needs, and try to accommodate them through changes.
These are all things that could make your building look more valuable and attractive to buyers. Look at the type of ROI you can expect for any of these modifications and focus on your most pressing needs first.