The first thing any realtor should know about renovating commercial property is that it’s not about you. Do not get emotions involved, like you would when revamping your country house. Think practically considering the budget and, more importantly, what the tenants would want. It’s not always easy to determine what other people might want and what needs might arise in the future. All you can do is get a best estimate by doing your homework. Read ahead for a couple of useful tips that will set you on your way:
1. Hire the right professionals
It’s next to impossible to renovate a massive commercial property on one’s own. Professional help will be needed sometime along the way. Instead of abruptly hiring a shady agent when things get tough, take some time to carefully consider whom to hire from the start. Find an agent who knows the local area well and invest in a contractor with a highly competent team. Renovating commercial property may require additional training in certain fields. For example, redoing sewers or basements may require training in working in confined spaces. To find the right local contractor in this regard, try searching, say “confined space training Townsville.”
2. Keep design neutral
One again, you are not renovating your home. Potential tenants want to pay for your property, not your taste. So redesign living and working areas in generic and neutral tones. Do not splash colour here and there. Emphasize practicality over aesthetics. Keep tones dull but modern, such as with brown kitchen cupboards or black tables and chairs. Use muted colours, like white or cream, for walls. Leave plenty of space for a potential tenant to redecorate as they wish. Remember, it’s not about you; it’s about the people who want to rent.
3. Increase rentable space
They best way to add value to a commercial property with a renovation is to add space, so there’s more to rent. Redo basements or attics as additional rooms and consider expansions to increase the size of rooms. Bigger rooms will make the big bucks. If there’s an overtly large space, consider partitioning it into separate bedrooms or bathrooms. The more you have to rent, the more valuable your property will be.
4. Go local
Always consider the local sensibilities when renovating. Pay attention to local architecture and the particular amenities locals prefer. It’s highly likely that future tenants at your property will have the same tastes as the locals in the same area. Keeping things local will also help you avoid any unnecessary clashes of style or preference with local residents.
5. Do not overlook low-cost improvements
An expensive renovation choice is not always the best renovation choice. Always consider all options, even the low-cost ones, before making final decisions. Low-cost does not mean low-quality. Fresh paint, for example, is a low-cost investment that can drastically improve the looks of an old building. Another good example is choosing decorative items like paintings or vases from local art houses or second-hand shops. They will look as good as the expensive ones on your renovated property.
Paying attention to the above tips will save you a world of time, money and trouble. Stick to your budget when it comes to commercial property renovations and be patient as the building process proceeds. Make a plan in advance, and don’t derail until the project is complete.