As a commercial property owner, you know it’s crucial to do everything possible to maintain your property’s value, but there are also ways to increase the value. Even if you don’t think you’re going to sell, there’s a chance you might change your mind later. If you do, you’ll be glad you took the time to increase the value.

Here’s a list of some of the simplest ways to boost the value of your commercial property to generate a higher profit when it comes time to sell.

1. Invest in a privately-owned transformer

When you operate a commercial building, you typically end up paying the electric company for the use of their transformer that sits on or near your property. This isn’t a separate charge, but is rolled into your overall rate plan. When you own your transformer, you can usually get a lower rate on your electric bill.

If you plan on staying in your location for at least a decade or more, it might make  more sense to buy a transformer. There are several key benefits, and it’s not just about a lower electric bill.

When you own your transformer, you can buy a high-quality unit built by master craftsmen that is going to last for decades. The best transformers on the market won’t fail prematurely like the cheap ones that fail and leave businesses scrambling to resume operations for sometimes weeks.

There is an upfront cost to buying a transformer, but it will save you so much more than what you invest. For instance, if you rely on a transformer provided by the power company, you can’t predict if or when it will fail. It might be nearing the end of its lifespan, and if so, it probably won’t be replaced until it actually fails and costs your business a lot of money. Owning your transformer gives you the opportunity to buy one you know will last for decades. Having a privately owned transformer will increase the value should you choose to sell your property in the future.

2. Install the proper roofing system with waterproofing

Fixing a leaky roof on a commercial building is going to be inconvenient and expensive if you haven’t had to deal with this already. Consider getting a high-quality roofing job with the right system, like TPO, and have it professionally waterproofed. TPO has a long lifespan and is one of the most affordable roofing systems, although it does require maintenance.

Should you sell your building in the future, buyers will be happy to pay more for a building that has a top-quality roofing system and is protected from the elements.

3. Perform renovations

Certain renovations can create a massive increase in property value and get more buyers interested when you put it on the market. Renovations can also help you generate more rent from current tenants if that applies to you. Of course, you’ll want to make renovations based on your needs and budget, especially if you’re running your own business out of your building. However, it’s safe to assume that most renovations will also be useful to future owners.

Start with areas that are most used, like bathrooms. Nobody wants to use a run down bathroom. Renovating your bathroom(s) can make a huge difference in the way your building is perceived. Having nice fixtures and a new toilet are simple things you can change that will make the biggest impact.

4. Upgrade your electrical system

Failing or old electrical systems are a major deterrent for potential buyers. Unless they’re desperate, they know they can find another building that has been upgraded or is in better shape.

Upgrading your building’s electrical system is a smart move, not just to attract potential buyers in the future, but for your own sake while you’re still using your property. With an upgraded electrical system, you’ll spend less time worrying about breakdowns and repairs, and having that peace of mind is worth the investment.

Maintaining your property will increase the value

Problems and needed repairs greatly impact commercial property value. The more issues you can take care of, the better. The best approach is to stay on top of regular maintenance so no issue ever becomes a major problem. 

In the future, this will help you sell your property faster and get closer to your asking price.