Are you the proud owner of industrial property? Have you recently had your property appraised, or are you looking to sell, and you can’t seem to get the property values quite where you want them to be?
If so, then chances are that you’re probably wanting to learn about how you can be increasing industrial property worth for your asset. In this article, we’re going to take you through some basic principles of how to increase industrial property worth in 2021.
Update Property Internals and Aesthetics
The first thing to consider when trying to improve property worth is to overhaul both the internal functions of the property as well as the external aesthetics of the platform. For instance, think about the HVAC system, the plumbing, the electricals, and the lighting.
Has it been several decades since these elements were last updated? If so, then that is going to drive your property value down, as anyone trying to buy the property will have to spend a lot of expense to get that updated to match the state of the art technology.
But don’t focus solely on internals. The aesthetics of the property are also important.
Is the landscaping in order? Does the fading exterior need a fresh coat of paint? Whether you need to hire a professional landscaper or nationwide painting services, those contractors will help you drive up value.
Divide Property Up
One large property is often not worth as much as several individual properties, even though the footprint might be the same. This is because individual lots mean more tenants, which in turn translates into higher per-area rents that can collect more revenue.
If you’re looking to do a large-scale project on your commercial building, then you could always consider dividing the property up into smaller lots in order to drive up value and expand the potential offerings your property could have.
As urbanization continues to steadily increase virtually all throughout the world, parking space is becoming more and more limited. There’s no use in having a wonderful, large industrial property if employees can’t park their car there.
By repurposing vacant areas into new parking spaces, you can very easily drive up property value.
Increase Storage Options
For any warehouse or manufacturing applications, having plenty of storage options is always going to be huge for property value. The more storage a particular facility can offer, the higher the potential for inventory buildup and increased manufacturing volumes.
By building additional storage, whether that’s another structure entirely or wiser use of your existing floorplan, you’re virtually guaranteed to add a significant amount of value to your property’s appraisal.
How to Drive Up Industrial Property Worth
There you have it. Equipped with this guide to increasing industrial property worth, you should now have a far better understanding of how you can boost your appraisal values. Your improvement project can be as small or as large and impactful as you want.
For more property improvement advice, be sure to check out the rest of the articles on the website!