Are you an investor looking for ways to increase the value of your property?
Owning an investment property is a great way to build long-term wealth. Increase the value of your property by taking care upfront to maximize the return on your investment; it can make all the difference in ensuring a profitable and successful venture. Fortunately, there are several methods that savvy investors can use to increase the value and revenue generated by their properties. In this blog post, we will discuss some easy yet effective ways to boost the financial worth of your real estate investments and get maximum profit from them over time.
If you're looking to give your commercial building an added boost in value, there are more ways than one. Sure, you can gain value naturally with time (appreciation) and increase its worth but what else? Check out these alternate strategies for increasing the value of your investment!
Capital improvements could be just what you need to increase the value of your property...
If you're looking to breathe some life into your property, capital improvements are a major way of making it look and feel like new and increasing the value of your property. Some examples include improving the heating or plumbing system, adding on more rooms or amenities, and making sure it's up-to-date with modern trends - the possibilities really are endless! Think about what you would want if you were occupying a building. If done right, these simple yet powerful tactics have serious potential to boost revenue and increase the value of your property.
Increase Rental Rates also help to Increase the Value of your Property
If you're looking to maximize the value of your rental property, it might be a wise idea to include escalations in your tenant leases. An escalation means marginal increases in rent every year that add up by the end of the lease term and provides an added boost for both sides: tenants benefit from stability while you reap higher returns as time goes on. Escalations are common and are an easy and effective way to increase the value of your property!
Rented Property is Typically More Valuable than Vacant Property
Ready to offload your property? Selling with tenants in place, you can get quite the return on investment! Investors love income-producing buildings with long-term leases - it ensures they're getting their money's worth. Make sure any rental agreement is paying dividends, and you're more likely to get top dollar when it's time to move on!
All three of these strategies - capital improvements, increased rental rates, and avoiding vacancy - are important in order to maximize or increase the value of your property. If you're thinking about making any changes to your property, or if you just want a professional opinion on what your property is worth, give us a call. Our team would be more than happy to evaluate your property and offer our expert advice.