For savvy investors, flipping a commercial business can often be a very lucrative venture. While a few upgrades and renovations can help to maximize the market value of a property, the wrong project could end up being little more than a waste of time and finances. Identifying the must-have commercial real estate renovations can go a long way towards ensuring that your property will provide a superior return of investment.
Eco-friendly building design can be of benefit to both the environment and overhead costs. High-efficiency LED lighting, on-site solar installations and other upgrades can make a commercial property a lot more attractive to potential buyers. Sustainable upgrades often involve only modest cost and a minimal investment of time and energy.
Lighting and Illumination
New light fixtures can help to transform the look and feel of a commercial space. Poor lighting may fail to showcase the buildings best aspects and could even leave your property with a shabby or rundown appearance. New light fixtures are a must when it comes to planning your next renovation.
Flooring and Walls
Dingy drywall or ragged carpeting is a serious liability. Restoring or replacing older walls or installing new epoxy flooring can have a significant impact on the sale price of an investment property. Doing what you can to address any visible signs of wear or damage needs to be top priority during any property upgrade.
With so many interior projects all competing for attention, the building’s exterior can be easily overlooked. While new paint, siding or similar upgrades can be a bit pricey, they can also have a huge visual impact. Trying to flip an older building without doing anything to improve its exterior appearance could turn into a far bigger challenge than you might expect.
Doors and Windows
New doors or replacement windows is another option you may wish to consider. Such additions can help to transform the space, especially when done alongside other interior or exterior upgrades. Dated doors and older-model window installations may be an eyesore you would be wise to address.
Spending time and money on a project that may do little to improve the value of the property is a loosing proposition. Focusing on the right projects means that investment properties can be turned around and sold with minimal delay. Identifying the must-have renovation options and projects can be the key to ensuring the successful upgrade and ultimate sale of your commercial real estate holdings.
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.