Commercial real estate is one of the best ways to invest in your future. With triple net leases, you as an owner can increase cash flow more than you would be able to with a residential investment property. Knowing where to start is the hard the part. The first tip is to wait until you have developed enough funds to properly upgrade the property.
When you do have the funds here are six ways that you can upgrade your property.
1. Rooftops: Outdoor appearances are extremely important to businesses when they are choosing a store front to run their business out of. Another idea is to change the rooftop concept all together and make it a community space for all the store fronts or offices to share for breaks.
2. Internet: Having already installed interent at your property is going to make your property stand out from the competition. With today's tech advanced businesses they are going to need fast quality internet as soon as they move in. Install this will be a step toward investing in the businesses of the future.
3. Doors: This will provide you the highest return on your investment because it is the most commonly complained about appliance from leasees. It could be as simple as replacing hardware, upgrading color concepts, or as advanced as smart locks.
4. Bathrooms: Upgrading community shared bathrooms is going to make it more appealing for new leasees. With how much money the prospective buisness is going to spend on the new lease they are going to want an upgraded bathroom for their employees and customers to use. What the customers see is what they percieve the business to be.
5. Lanscaping: If your property has space for landscaping, then you are going to make a massive return on this investment. There was a study done that businesses are 50% more likely to sign a lease when the building is landscaped with grass and vegetation.
Investing time and money on your commerical property is going to provide you an increased cash flow for a very long time. There will always be a need for businesses to have a place to go and with the increased changes in the world it is very important to stay educated and up to date with everything.
If you have any questions always feel free to reach out to Belwood Properties.