For most tenants, there are numerous benefits of renting a commercial property. It is convenient because it offers the flexibility to set up your business at any location as long as you can afford the rent. Also, renters are free from the hassles of repairs and maintenance. Your responsibility as a tenant is lesser because you will not worry about fixing electrical or plumbing issues.
For these reasons, most people prefer to rent commercial properties. If you are a commercial property landlord, renovating it will attract more tenants. Your current tenants will appreciate the improvements you make on the property. It also helps boost the value of your investment.
Sometimes, renovating commercial properties may be expensive or complicated. However, you can recoup your investment, attract new tenants, and boost the property’s value. If you are considering a renovation of your commercial rental property, below are some dos and don’ts:
Do’s for Commercial Remodeling
1. Check for permits
Before you carry out any renovation, it is essential to check if you will need a permit. Major renovations such as foundational or structural upgrades will require authorization. You will also need permission when installing a new electrical system or demolishing load-bearing walls.
However, you may not require a permit for superficial projects such as minor electrical work, new flooring, or repainting. Also, you may not require authorization to replace appliances that exclude tampering with electrical circuits, gas mains, or plumbing lines. If you are unsure, we advise that you contact your local permitting office to find out whether you need a permit. Doing so will prevent you from engaging in renovations that will attract sanctions.
2. Renovate older areas of the building
The essence of remodelling your property is to keep it updated and attractive. One of the best ways you can achieve this is by updating the areas that appear the oldest. Outdated places in your commercial property can make it lose value. However, upgrading them will reverse this issue. Also, you have more returns on your investment if you indulge in it.
3. Improve the exterior
Tenants value the curb appeal of a property. You can take advantage of this to boost the value of your commercial property. Invest in prepping the building’s exterior and landscaping. To do this, you can:
- Install water elements such as waterfalls or fountains
- Paint the exterior walls, moldings, and ceilings
- Install modern windows
- Plant trees into the flooring
- Rebuild the walkway
- Keep your garbage pickup station hidden
- Trim the lawn and clean the exterior
You can improve the aesthetics of your rental property if you engage in some of the above ideas.
4. Upgrade the building’s signage
The first thing that people notice as they approach your commercial property is the signage. It acts as the face of your building. We recommend that you upgrade your signage if it is outdated, worn, difficult to read, hidden, or broken. Using terrible signage can devalue your property.
If your commercial property did not have signage, we recommend that you consider naming it. When you do so, you boost the desirability, charm, and character of your commercial property. If your signage is old, you can research new materials, sizes, placements, and aesthetic principles to promote your property.
5. Make eco-friendly upgrades
Tenants do not want to spend unduly on energy bills. They seek properties that will make them spend less. For this reason, they often go for properties that have lesser environmental footprints and more energy efficiency. We suggest that you consider the following upgrades if you want to make your property eco-friendly:
- Install energy-efficient windows
- Use an alternative source of power such as solar power
- Replace the light bulbs with energy-efficient ones
- Increase the insulation
- Install low-flow, water-saving plumbing fixtures
- Make use of recycled building materials
Don’ts of Commercial Remodeling
1. Don’t do it yourself
Commercial properties remodelling requires a professional touch. It is not advisable to do it yourself. If you want to perform an upgrade, we suggest that you hire the services of professionals. That is because they have the necessary training, license, and insurance. You do not want to make mistakes while renovating your commercial property.
2. Don’t use inferior materials
Inferior materials do not last long. Commercial properties have high traffic. If you use cheap materials during the renovation, you may need to perform repairs soon. That is because the high traffic will cause faster wear and tear.
3. Don’t ignore safety features
The safety features of your property are essential. Tenants appreciate a safe building. When they notice these features, they know that their investment is protected. We recommend that you install smoke alarms and carbon monoxide detectors. Also, it is vital to invest in the security of your commercial property.
Article provided by Windermere Property Management. This blog article was written and submitted by Rob Lancaster of Windermere Property Management <windermerepmwa@gmail.com>
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