When you’re planning to invest in a commercial real estate, consider several important factors that combine to accurately determine its real value. To make sure you get the most out of that and get immense benefits, get complete information about location, maintenance, existing lease and market trends or condition.
Highest and best use
To get the highest return possible, you must follow the rule ‘ highest and best use’. It enables you to get the desired profit and get good money back. You’ll come across many limitations like location, market condition and so on. Any property owner can’t control these but with some sensible decision-making, you can get rid of this trouble.
To retain the value of your property, it is extremely essential to maintain it well. Take the minutest details into account and pay attention to them as well. A scratch-free, posh building with everything functional will earn you high amount at the time of resale. To make the task easier, get a calendar or a reminder for big maintenance tasks. It will let you rectify any issues on time without causing further damage.
Added features enhance the value
For attracting more buyers, add more features and detail to your property. In a shopping mall, benches, bicycle racks, well-designed restrooms can boost the value of it and grab more clients. Many times, a minor maintenance can increase the value several times. Exterior re-paint is the best example of that. General repairs and landscape also impact value.
To make a simple building appealing and eye-catching make a mural or painting on the walls. Outdoor artworks give a great impression and attract buyers readily. Hire a professional artist to do the job for you. Sculptures on the outer walls are an excellent idea to add life. Wall panels inside the building also give a fantastic effect to the entire arrangement. Chalking and balloon twisting clowns are some ideas to follow.
Lease and expansion
Make some additions to the existing design by having an additional parking area and creating outdoor or indoor kiosks. It will help expand your income and attract more buyers.
Billboards and cell tower
Locations that are ideal for cell towers are more valuable than others. So, choose what type of building because it is more appealing to the buyers. Billboards are another significant advantage to get more passive income. If such advertisement options are available in your area, you’re lucky.