Real estate investments are popular, having proven to be a great way to invest without some of the more significant risks associated with other types of investments. Yet commercial property investments only make money if they are income producing. Therefore, it is important for a property owner to offer the most desirable space possible. All properties require maintenance and improvement with time. A landlord who continually takes care of these things is investing in the continued profitability of their property. To keep vacancy rates down, and get the most from any commercial property, investors need to spend a little money to make more money in return as indicated by the below suggestions.
Replace Old Windows
A building or apartment with many windows is a pleasure to occupy, although not when those windows are leaky, costing occupants extra money in heating and cooling expenses. Although replacing old, leaky windows with new, sealed ones can be quite a project, the investment is well worth it. New windows are a great draw for tenants, since it means lower monthly utility costs and nicer-looking windows. Improving the windows on any type of building has been proven to increase the rate of return earned from these premises with decreased vacancy and increased rents.
Apply New Paint
Another important and relatively inexpensive improvement is painting. New paint offers a fresh, new look to a building, making it a more suitable rental prospect. Painting offers a clean look, as it can even increase the perceived value of a property by not looking dingy and used. Painting is one of the least expensive, yet most worthwhile improvements any property owner can make.
Install New Carpeting
Like fresh paint, new carpeting can do wonders for the appearance of an apartment or building. Clean, unworn carpeting without stains and other damage is important for the image it presents to potential tenants and the way tenants want visitors to see the rental space. Replacing carpet with a suitable type and style for the building or apartment is the best way to create a more inviting space.
Whether a building is residential or commercial, landscaping can greatly improve the outward appearance of real estate investments. Making the outside of a building look inviting can be just as important as updating the inside. Attractive looking buildings also rent faster as curb appeal, even in the city, really counts. By adding landscaped beds, bushes, and trees wherever possible, a building can look more attractive and inviting.
Update Restrooms and Kitchens
Old appliances and fixtures expose the true age of any building, often making it less desirable. Newer, more stylish fixtures and appliances are another investment that can greatly improve the interior of an apartment or building. This type of improvement may cost more; however, it is yet another way those who invest in commercial property can improve their buildings and charge higher rents for this more desirable facility.
Keeping a fresh, modern look and making buildings more energy efficient is an important part of having a desirable facility. Given the choice, tenants will usually choose to rent an updated space for more money, than a non-updated one for less. With this in mind, those who invest in real estate should continue to look for ways to improve their properties to make them more welcome, and then keep them that way. Commercial property investments, regardless of the type, require regular maintenance. Improvements should be a part of any maintenance budget to have the most well-kept, rentable property possible!