If you’re considering a commercial renovation, but can’t make the leap, we’re here to tell you that it’s well worth your while to upgrade your building. Why? You might ask. Well, a renovation can improve the safety of your building, it can boost the property value of the facility, it can attract new lessees, it helps in keeping up with other renters out there, it could earn you more money in the long run, and a renovation can help you to prepare your building for sale. Need more reasons to make the most of your property? Well let’s dig in deeper to the benefits of a commercial renovation.
First off, it’s crucial that your tenants are safe. If you have a mold problem, for instance, well it’s time to pull out all affected materials in your building to replace them with brand new material. Let’s say that water has been slowly leaking from a pipe in the infrastructure of your building. Your drywall is saturated. Your acoustical ceiling tiles are drooping and discolored. You’ll have to repair the infrastructure of your building and replace the bad tiles and drywall.
Improving Property Value
If you’re ever planning on selling your property, it’s a smart investment to keep your building updated and renovated. Renovations don’t just attract potential buyers, they improve the market value of your building—so for every dollar that you pour into your building, you could earn as much or more when you place your property on the market.
At the end of the day, your tenants are your source of profit. And if you have a vacant space, you’re missing out on profits. With a building remodel, you can attract more tenants to your space, and you can charge a premium for the space that you provide.
In addition, you may have tenants which request special renovations to suit their needs. For instance, if you’re about to house a tech company, you may need a very specialized room to store all of the company’s servers. You’ll need more outlets throughout the space, and you may need a specialized ventilation system to keep the server room cool. Or, perhaps your space is soon to be rented by a company with a few hundred employees. You’ll need bathrooms, kitchens, and meeting rooms to accommodate your new tenants’ demands.
Keeping Up With the Competition
If your building is an eyesore while the neighboring complex is the talk of the town, it’s time to catch up with the times (and your competition). You could be losing business simply due to the look and functionality of your building. Swap out sorry looking ceiling tiles for brand new acoustical ceilings. Update your lobby with rich wood paneling, new seating, and a custom reception area. Make the exterior of your building enticing with a remodel, or at least a fresh coat of paint.
Once again, at the end of the day, your bottom line is what counts. While renovations can be costly, you have to think about long-term gains and your return on investment. If you want to attract higher-end tenants who are willing to pay a premium to rent your space, you’ll have to cater to their tastes with a more luxurious, more appealing building. Take note, you may not want to go overboard with your renovations—at least not right off of the bat. While it’s important to improve the overall look and functionality of your building, your new tenants will likely request specific upgrades for their unique needs. Renovate old and outdated building materials, repair broken and damaged building components, and make your building appealing; you’ll earn more money from your next lessee.
Sage Construction Commercial Renovations
Here at Sage Construction, we provide general construction services, including drywall installations, framing, ceiling installs, and more. Count on us for your commercial contractor needs. You can view a portfolio of our previous work, or if you’re ready to get started, don’t hesitate to request a bid. We’ll help you to improve the safety of your building, and its property value; we’ll help you to attract more tenants and to earn more from those tenants; and we’ll help you to keep up with your competition. If you’re curious about any of our services, feel free to get in touch with us!