Real Estate

8 Simple Ways to Modernise and Add Value to Your Commercial Property In 2021!

Owning a commercial property is quite impressive. But, with so many other property developers competing for the same space, you might find it necessary to upgrade your building to keep it relevant in your neighbourhood.

Property upgrades can include extensive internal and external changes. A building upgrade would also not be complete without consultation from one of the commercial plumbers Melbourne property owners are so familiar with.

Add Value to Your Commercial Property

Give Your Property a New Lease on Life

Any commercial property is a solid investment. However, to sustain your investment you’ll have to keep your property well maintained. Although, a clean building isn’t always enough if it’s old and dated.

Fortunately, there are several cosmetic changes and structural additions that you can make to change your commercial property from drab to fab. Read on for a list of the easiest ways to give your dated commercial property a new lease on life!

Redesign the Space

One of the biggest mistakes some property owners make is not realising that times change. Ever-changing times bring new demands and new trends. This applies to your commercial space as well. During your property’s lifetime, you might have to reconfigure the space to keep it relevant.

This means a space that was once a warehouse setting might now be more effective as an office block. Adding a parking lot will go a long way to increase the value and making the property more functional.

Update and Modernise

As times change it becomes important to update and modernise your building. Updating systems such as heating and lighting will also contribute toward improving energy-efficient standards.

Nothing says modern like adding current fixtures such as skylights and solar panels. In addition to modern light fittings, a few strategically placed skylights will make the building more appealing.

Upgrade and Replace Dated Plumbing

No matter how good the condition of your building is, at some point, the plumbing will need to be upgraded. As any expert from the many Melbourne commercial plumbing companies will tell you, pipes and components get old and need replacing.

Depending on the age of your building, the plumbing system could be outdated. Many commercial plumbing companies can easily give you a quote to replace the outdated pipes and fixtures. They can also check key components such as the thermostatic valves.

Give the Property a Name

This might sound odd but giving your property a name makes it easier for people to identify with its location and purpose. A good example of this is Trump Towers in the U.S. or even our very own Grosvenor Place.

Update the Signage

Old and dated signage will do nothing for your building’s image or your reputation as a property owner. If your building has any signage remaining from the previous tenant, you should remove it. Any generic signage should be clear, modern and easy to read.

If you’re going to name your property, it would be a good idea to add a sign with this name to your building. That way it’ll be easier for prospective tenants to easily identify your premises.

Modernise the Outside Area

The outside area of your building is the first impression anyone gets of your property. In real estate terms, it’s often referred to as “curb side appeal.” Any prospective tenants might decide against your building if their first impression is a negative one!

Clear away any overgrown plants and shrubbery. Ensure the area is free of any debris and rubble. It would also be a good investment to modernise the doors, windows and pathway leading up to your front entrance.

Renovate the Parking Lot

Since more people are taking to the roads these days, it’s important to have a well maintained, safe and clean parking area. If your parking area will be used after regular daytime trading hours, it’s important to have adequate lighting to ensure the safety of potential customers or guests using it.

While open parking lots might have been all the rage in the ‘80s, modern parking lots require gates, shutters and security cameras. Having security features in place will add to the value of your property. Prospective tenants are also likely to consider this type of premises.

Go Green

There’s currently a considerable amount of emphasis being placed on the environmental impact of buildings and commercial properties. It’s important to change the dated fixtures in your property to reduce your general carbon footprint.

Convert to energy-efficient light bulbs, increase insulation solutions and use recycled building materials where possible. The good news is you can advertise your property as an environmentally friendly space.

Supporting the environment and using recycled materials will not only enhance your reputation but attract a whole variety of potential tenants!

Final Thought

Many commercial properties become obsolete because owners don’t bother to keep the premises maintained or up to date with current trends. It may not always be easy to compete with real estate developers who are building modern glass structures all over the place.

However, a few strategic renovations, face changes and plumbing system upgrades can go a long way to keeping your commercial property trendy and in demand!

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About the author

Sophia Britt

My name is Sophia and I live in the suburbs of Chicago. I offer real world experience to readers on how to save and smartly spend their money. Plus offer advice on organization, career, business, travel, health, home, education and life.