How to increase commercial property value – and protect your bottom line
Many landlords turn to renovate their properties with the latest designs to increase rental yield and attract higher-income tenants.
However, commercial property renovation comes with a price tag, and it can be difficult to budget for improvements. Things always end up costing more than you planned, and some improvements are a better investment than others.
That’s why we’ve put together this guide to help you. Here are our top four tips for landlords on how to make a commercial property renovation more cost-effective.
1. Upgrade to durable roofing
Replacing the roof can be one of the most expensive elements of a building renovation, so if you need to keep an eye out on your budget, it can be tempting to choose the cheapest option.
However, it’s more important that your roof renovation stands the test of time — otherwise, you’re just delaying the costs for a few more years until your roof needs repairing or even replacing all over again.
Therefore, when replacing your roof, look for materials that are low-cost but also durable. In this context, metal roofing Austin, TX can be a great option. Metal can be inexpensive relative to some other materials. It’s also long-lasting and generally much quicker and cheaper to install.
A wide range of options is available to suit your tastes, styles, and budget, including aluminum, steel, copper, and tin. Whether you own an office building or a small brick-and-mortar storefront, upgrading to metal roofing is a sound and affordable investment.
2. Try solar power
Historically, getting solar panels installed could be pretty costly, but the increased take-up of solar power, combined with streamlined manufacturing processes, has made installation much cheaper. The result is that it could save you money in the longer term.
You can choose how many solar panels you want to have, depending on your budget, and there are options for energy storage too. Plus, depending on the commercial property location, you could qualify for both state and federal tax credits by using solar panels.
3. Keep it insulated
Insulation can be one of the cheapest and yet one of the most effective means of cutting energy costs.
People often conceive of insulation as a sheet of wool that you can line your attic or interior walls in, but there are lots of other ways you can insulate a building on a budget, including:
- Installing thick, lined curtains will help prevent heat from escaping from windows and doors;
- Covering bare floorboards with rugs and carpets can keep the heat inside.
Whether you’re a landlord who covers electricity or gas costs for the building tenants, or you own your storefront, insulation is a smart choice. It doesn’t require you to overhaul the entire HVAC system, making it more cost-effective as an energy-saving endeavor.
4. Look around for local contractors
As you consider various renovations, keep the hiring local. Sourcing a local contractor is often much cheaper than hiring a national outfit. Plus, a local contractor may be better aware of the local business ordinances and municipal requirements. And if anything should go away, you can more easily reach out to them if you encounter a problem.
Get renovating!
If you’re on a tight budget but want to maximize your commercial property while the market is hot, try these cost-effective measures. They will increase the property value while letting you protect your bottom line. As you upgrade the building, remember to hire an experienced, local professional to help you, as they’ll know how to solve more complex problems and deliver solutions tailored to your location.
