In a recent interview, architect Charles Hendricks stated that “A house or building is the most complicated machine many people will ever own or operate.” With such a big expense going into something so complex, anyone constructing a building will want to make sure they can get the most out of their investment. By following the tips in this article, you can be sure that you will get the kind of value you deserve from your property.
1. Keep Updating
Design features that are popular one year aren’t usually sought after decades or even just a few years later. Aesthetics change quickly and something that was a selling point when the building first went on the market is likely to just be an expectation by the time it goes back on it.
Keep making improvements to the building throughout your years of ownership. That way, your building won’t feel old fashioned or outdated and you won’t have to compromise on price when it comes time to sell. And remember that the professionals you hire to design the building are often well aware of coming trends in design and construction, so they may be able to tell you what features will need to be updated and when.
2. Alter the Purpose of the Property
Property values for commercial spaces can increase drastically when the intended use of those spaces change. Old warehouse spaces, for instance, aren’t worth all that much but their value can go soaring if they’re converted into multi-family or hotels.
Depending on the location of your building, it can be turned into just about anything that fits with the demands of local consumers, whether it’s an office building, a condominium complex, or a retail center.
3. Add Amenities
This is one of the simplest and most straightforward ways to sizably increase the value of your property. Let’s say you have an office space that you will want to sell someday, add a daycare or a yoga studio (or both!) to the building. Not only does that add culture to the office space, it will boost the price when you put it up for sale. Likewise, if you are planning an apartment building with a large number of family units, consider putting a playground on the property.
And, of course, don’t overlook the small-scale amenities that can make a big difference, like high-speed Wi-Fi internet accessible to anyone inside the building.
4. Build Rentable Space
One of the reasons it’s crucial to work with an experienced, professional designer is that they will be able to work with you to maximize the square footage you can rent out. Less experienced or skilled designers might leave too much square footage underutilized, which essentially robs you of your property’s earning potential.
Communicate your intentions very clearly during the design phase: let the designer know that you want to be able to rent out as much square footage as possible. That will mean sacrificing a few things that look great on paper but that won’t bring in any revenue. Stay away from flashy, extravagant designs. You might think it’s what you want, but look carefully and what you will usually see is excessive lobby space, poorly designed hallway arrangements, and unfinished areas without a designated purpose. Instead, look for ways to use wasted space: if one room seems too large, convert it into two cozy office spaces. Do whatever you can to ensure more tenants (whether for office, retail, or apartment space) can rent.
5. Go Sustainable
For a long time, whenever anyone saw the words “sustainable” or “environmentally friendly” they assumed it was code for “expensive.” Now, however, we’ve all come to realize that sustainable products tend to cost a lot less in the long run.
One way to make sure you get a great return on your building is to earn LEED certification. LEED certified buildings make efficient use of resources and, as a result, have lower operating costs. Not only will that translate to long-term savings while you own and manage the property, it is also an attractive feature for anyone who wants to rent space in your building and can allow you to increase the rental price.
And, of course, once you put the building up for sale, the LEED certification will be an appealing feature. A growing group of corporate, public, and individual buyers are not only keen on sustainability but are specifically looking to purchase or occupy property that has been LEED certified.
As architects and owners for strive even more sustainable, safe and healthy buildings, they are turning to innovative construction products. Rather than just adapting and adding to traditional construction methods they are starting to use new methods that have been designed to save construction time and money while being more sustainable.
The innovative Bautex Wall System is an example of a product that has been designed from the ground up to build walls more efficiently and improve the return on your building investment. Learn more here.