By Prasanth Gopinath on Dec 30, 2022 5:15:00 PM
Whether commercial or residential, properties yield returns only when you let them evolve with time via changes, modifications, proper care, and right and timely decisions. Unattended properties left to generate returns gradually turn obsolete, remain vacant, and thus become a liability rather than an asset. So, if you’ve been wondering how to increase your commercial property’s worth, here are a few ways to help you do it.
5 Ways to Increase the Value of Your Commercial Property in Pune
Here are five ways that help you increase your commercial property’s worth.
Increase the Property’s Rent
Stay abreast of the average property rent in your area to ensure your property is competitively priced. If your property’s rent is below average, consider increasing it over a period. Usually, commercial rent agreements have a rent increment clause in them. Make sure you have one in yours as well. However, at the same time, don’t price your property out of the market. In other words, avoid overcharging.
- Make Regular Upgrades – Aesthetic, Maintenance, and Modernization
Properties age with time. Thus, it is evident that they require regular maintenance. Maintaining the property can include making surface cosmetic improvements or considerable structural rehabilitation, changing fixtures, interior and exterior painting, plumbing, HVAC servicing, disinfecting the property, etc.
It is your property. Hence, you are less likely to find a fault in it. Accordingly, you must hire a third party to inspect your property and have them identify maintenance areas and provide improvement suggestions. It can help you do what’s necessary and invest only as much in areas necessary to revitalize your commercial property in Pune.
In addition to the above, consider modernizing your property. It includes integrating elements like automation, advanced security, smart lighting, and making layout changes to make the space more comfortable and convenient. Know what’s trending in the market and what modern tenants expect from a commercial space. Do what will add value to your property and help you reap higher returns.
Convert the Property into a Shared Space
Shared spaces are the buzz these days. The emergence of startups and the need to save money and rent spaces that precisely meet their logistical needs has made shared spaces a trend. Thus, if you have a property large enough, you may convert your office space into a shared business center.
Doing so can allow you to have various tenants under one roof, paying you rent per the space they occupy. Thus, you increase your income sources. A tenant or two vacating the space might not make as much of a difference to you. Secondly, you can collectively get a higher rent for the same space than you used to with a single tenant.
- Reduce Expenses
Money saved is money earned. To increase your property’s overall worth, you may consider cutting down on your property’s expenses. You may do so by gathering past statements of your property’s historical expenses, identifying cost-saving areas, recognizing areas where you can completely cut down the costs, etc.
For instance, you may go solar and save on electricity costs amid rising electricity costs. Of course, you wouldn’t see a considerable drop in your electricity bills immediately in the next month. It will take time to realize these profits. But you would eventually realize savings in the long run.
Are you looking to invest in a new commercial property in Pune? Choose Kohinoor World Towers (KWT). KWT is a prominent commercial hub being constructed in the heart of PCMC near Pune. The project offers various modern amenities, multi-sized smart office spaces suiting the needs of various business domains, and excellent accessibility. Connect with KWT’s sales team at +91 20 6764 1818 to know more about the property’s investment potential and returns and for more details about the project.
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