Getting ready to renovate your commercial property? Keep these key tips in mind.
Commercial property has an effect on everyone. It affects other neighboring buildings, it affects any nearby residential properties, and it certainly affects the tenants who move into it. No matter how old or young your building is or how long you have owned it, a commercial property requires periodic renovations, just like any other property. As a responsible landlord or owner, you are sure to be ready to make your building into its best self. If so, consider the following tips!
Look at the Big Picture
One should first look at the big picture, evaluating both what is good about the building and what needs changing or fixing. A realistic understanding of both its strengths and weaknesses will help you proceed wisely. Before the purchase of any commercial building, you may have acquired a building condition assessment, expertly detailing these very things.
Safety First
If you discover any safety issues or structural issues, those are the problems you want to deal with first. Obviously, the structure must be sound before you can bring anyone into it without risking a potential lawsuit or liability. Components to consider include the presence of lead or asbestos, the HVAC system, the lighting in stairwells and parking lots, fire safety, intruder safety, and cleaning service.
Fitting Today’s Trends
Commercial property owners have the option to furnish their units or leave them as a blank slate. If they wish to attract specific industries to their area, outfitting may be a helpful way to do it. Otherwise, leaving each unit open and airy will be a good first step to take, allowing tenants to customize as they please.
Energy Efficiency
In outfitting the building structurally, one should also take energy efficiency into account. Installing systems that are tailored to your building’s needs and have proven efficiency will reduce your monthly energy bill. HVAC systems with the Energy Star Label and proper insulation will help with this endeavor.
Overestimate the Budget
Remember that renovation projects are more likely to go a little over the budget than not. Expect the unexpected, and plan for it with a padded budget. One could plan for a 10% budget increase in advance.
Spread Projects Out
Along with the budget comes timing. While some projects may need immediate attention, others may be able to sit on the sidelines until a further date when you will have more capital to work with. Managing fewer projects at a time, or one project at a time, may be much more efficient.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.