It may have been unthinkable in the past that manufacturing and construction would actually come together. Both used to be distinct and separate from each other but with modern technologies Commercial remodeling or giving your commercial property a facelift is needed from time to time. As an owner of the property being rented out for business, you need to ensure that you maximize your income and profits by being on top of your asset’s wellbeing.
Discuss with your regular contractor to carry out inspections and repairs periodically. In case you do not have one yet, a commercial contractor in Orange County can help you with your repairs, rebuild, and remodel concerns.
There will be some instances when you will have to do a complete commercial remodeling to make it more profitable in the long term. Below you can read a few signs that you need to remodel your building.
1. Health Risks for Building Occupants
Pay attention to your building especially if there are cracks, molds, or electrical systems not working efficiently. In most cases, molds in your building means there is a leak somewhere and it’s causing dampness. This could pose health risks for the tenants and if unattended, could escalate to a lawsuit. Double check too on your contract to find out your responsibilities are as the building owner towards your tenants.
2. Occupants moved out
A great opportunity to remodel your property is when your tenant has moved out. Now is the time that you can also address building issues that you were not able to work on when your tenant was still occupying the property. When undertaking a commercial remodeling, the value of the rent can significantly increase. Choose how you want to redesign the space according to the type of business you want to target as tenant.
3. Physical Hazards
When inspecting your commercial property, play close attention to parts that may have become loose or broken. Ask your commercial contractor to do a safety hazard check to avoid future lawsuits in case accidents happen.
4. Increase Security
A building equipped with good security systems is always attractive to tenants. It not only protects the building occupants but also the building itself from vandalism or looting. Upgrade to the latest closed-circuit TV (CCTV) system which may cost less than what you would potentially lose if your property is unprotected. You can also include reinforcing the doors and windows, especially on the lower floors to deter intruders.
5. Need to expand leasable space
Are you thinking to maximize your rental income? Then commercial remodeling might be the answer to that. Your commercial contractor can help convert large units to have smaller ones. There are cost-efficient ideas on how to increase your space and you might need to invest for separate cooling and heating units, water, and electricity meter. With more units to offer, you will be able to increase your rental income.
6. Need to increase commercial unit price
Another way to add to your rental income may come in the form of increasing the rent on your commercial property. Commercial remodeling helps a lot in giving a reason why a potential tenant should pay for a higher price. You can think about changing your doors or windows, adding a common area or modern kitchenette, and other upgrades to show your potential tenant that you have invested in the property for their convenience. You may even include adding or replacing light fixtures, adding parking, etc. to increase the value of your commercial property.
7. Need to replace electrical systems or HVAC
Your property might be a bit old by now and the electrical system is outdated. This means that you need to do rewiring when there are constant faults or fuses that keep breaking. As a property owner, it is also your responsibility to ensure that your HVAC is working properly. In case it is not providing proper heating or air conditioning, you need an HVAC professional to inspect the system. Speak with your commercial contractor as well in case there is a need to completely replace the HVAC.
Getting your property in optimal condition via commercial remodeling is a great way to keep your tenants happy. You also protect your investment by making sure that you hire a reputable commercial contractor for your building’s remodeling.
In Orange County, Greater Pacific Construction can help you with your remodeling projects. It has worked on numerous projects in the SoCal area with satisfied clients due to their expertise, good reputation, and quality work. Give them a call at (800) 469-1922.