Real estate is a valuable asset, more so when it’s a commercial property. So when selling a piece of commercial property in Lafayette, IN, one of the first things that should be on your mind is to raise its value beforehand. A lot of preliminary research goes into selling a commercial property, including its historical data and any future projections you can draw. If you’re planning on selling commercial property and think that it’s rich in potential and has a lot of room for improvement, read on to learn three ways you can increase or maximize the property’s value before putting it on the market.
Make Cosmetic Improvements
When it comes to selling commercial or residential real estate, making even the slightest improvements can significantly drive up a property’s market value. Put yourself in the shoes of your potential buyers and transform your property into a space worth investing in. Before you decide to put your IN commercial property on the market, make ample improvements on areas that need work, such as changing out old tiles, fixing broken windows, or trying your hand at landscaping.
Go Beyond Basic Amenities
One surefire way to increase your commercial property’s value is by adding impressive amenities that not all basic commercial properties have. For example, if you’re selling office space, perhaps you could build an in-house gym, a coffee bar, or something as simple as a smoking area. If you own a boutique hotel or a bed-and-breakfast, maybe creating a scenic alfresco dining area would be your next best move. Buyers will know if a lot of creativity and heart was put into improving a commercial space, so do the necessary work and see your property’s value grow.
Renovate To Change The Property’s Intended Use
Ask yourself if you are making the most of your property’s location and use. If not, consider renovating or rebuilding the space to better suit the potential clientele in the area. For example, if you own a warehouse located near or within the central business district, perhaps you could drive up the property’s value if you transform it into a multi-level parking area or a hotel for traveling businessmen. With a few significant adjustments, your commercial property could reach its full potential and become the goldmine you never knew you owned.
It’s important to learn the ins and outs of any property before you close a deal. Even when you see a solidly performing property, never settle and always look for ways to continue maximizing its value. Not quite confident in your own skills to determine your commercial property’s value? Titan Lafayette Real Estate is ready to help. As a full-service broker in Lafayette, IN, Titan Lafayette Real Estate puts in the legwork for you so you can rest easy knowing that your transactions will go off without a hitch.