5 Ways To Increase Your Property’s Value – Without Costly Renovations
Improving your commercial property (and your profit margin) doesn’t have to be a headache. If major renovations aren’t in your budget right now, don’t worry. From building wraps to signage upgrades, there are many ways to make upgrades to your building without breaking the bank. Below we cover some optimal ways to increase your property’s value smartly and cost-effectively.
Even if your building is recently built, it’s important to keep up with the local property market to remain competitive. There is plenty of small-scale and non-disruptive changes you can make to continue to improve property value. Plus, many of these changes have a direct improvement on the lives of your tenants.
How To Increase Your Property’s Value
Whether your goal is improving tenant retention or you’re looking to put your building on the market again, here are five cost-effective changes you can make to considerably improve your commercial property’s value.
1. Modernize with Building Wraps
Building wraps allow you to dramatically update your property’s appearance without huge costs. To wrap, installers cover all exterior windows with film or vinyl. Many commercial buildings have irregular appearances due to blinds or curtains, and tinted glass often looks outdated and uneven over time. Building wraps create a uniform and modernized look and are available in many different colors to create the desired look. With custom surface film, you cost-effectively increase your property’s value both aesthetically and monetarily.
By instantly improving curb appeal, an exterior wrap helps you become more competitive in the market. Added to the outside of a building, wraps install without inconveniencing tenants or interrupting daily operations.
Although this is the most large-scale change on our list, it results in the most dramatic change and costs a fraction of the price of replacing the glass. Typical renovations for exterior glass replacement easily rack up a multi-million-dollar bill. Not to mention the environmental impact of wasting tons of glass. Building wraps give you the same result much faster and more affordably.
2. Install Solar Control Film
Are your tenants complaining it’s too hot during the summer? Solar control glass film may be your solution. Solar control window films are a cost-effective way to create a more pleasant environment for tenants while lowering your property’s energy costs. By significantly reducing heat, solar control film creates a cool and comfortable building. Without the huge A/C bill.
By lowering temperatures, not only does solar control film keep tenants cool, comfortable and happy – it also saves you money. Solar film can cut your energy costs by up to 30%, vastly reducing your HVAC load and saving you money.
Another benefit of solar film is that it reduces glare to create an ideal office. Solar film lowers the computer glare from bright sunlight, while still letting in natural lighting. This reduces eyestrain and discomfort for tenants during the day.
3. Upgrade Signage
When a potential tenant or your current tenant’s visitors arrive at your property for the first time, they’re not actually looking for the building. They’re searching signs for to tell them they’re at the right place. Architectural signage is most people’s first impression of your property. So, invest a little to make sure that the first impression is a positive one.
Is your signage well designed? This doesn’t just mean nice to look at – although style, color, and appearance are all important factors. Consider if the text is large enough and easy to read from the road. Is it well placed? Sometimes all you need to do is make sure your bushes are trimmed, so visibility is clear. Other signs need more significant changes to be effective and welcoming.
4. Improve Security
It’s hard to put a price on peace of mind. But that price exists, and tenants are happy to pay it to ensure they’re staying in a safe building. Security is an especially valuable point to office tenants, who want the certainty that their business is protected from information and property theft. In this time of rapidly evolving technology, your security needs to evolve too.
One option is controlled access points. This can mean a gated entrance to the property with a guard or electronic keycards. Another important consideration is video surveillance. Hopefully, you’ve thrown out your old VHS tape system, but have you upgraded to the level need? Coverage throughout the property using multiple cameras is far superior to a single entrance camera. Other features, such as mobile access to footage and live monitoring, should also be considered.
Finally, having the right alarm system is vitally important. Not all are created equal, so do your research on the needs of your property and tenants before installing one.
5. Update Doors
Surprised? Doors are a big part of anyone’s first impression of your property! Updating an older door is a quick and easy way to immediately improve your building’s exterior look. Something as simple as repainting can make a huge difference. Installing new door hardware is another option for a quick upgrade.
Replacing exterior doors can even save you energy. Entrances are some of the biggest energy loss points in the building, letting in winter cold and summer heat whenever anyone comes or goes. Energy Star qualified doors meet energy efficiency guidelines and instantly improve your building’s insulation capabilities.
Increase Your Property’s Value on Your Terms
Maybe you’ve allowed your commercial property to stagnate because renovations are too expensive and disruptive to complete. But the reality is that no matter what your budget is, property improvements are within your reach. Start small with a fresh coat of paint on your doors. Or go big with a building wrap for a dramatic update to your curb appeal. Not only are you making your tenants happier, but you’ll also be making your bank account happier too.
If you’re interested in updating your property, Metropolitan West may be the contact you need. With 25 years in the film industry, we assist with property improvements by providing and installing top-of-the-line building wraps, solar control film, and signage. Contact us today to get started!