If you own a building it is almost certainly one of your most valuable assets regardless of what you use it for. And having the investment you obviously want to get to a situation where your asset works for you. Where it offers you a decent return on your investment and where it appreciates in value of over time. But what do you need to do to ensure that the costs are kept to a minimum without letting the property fall into disrepair? Here are a few tips and ideas to help you maximise your investment and ensure that it is never something that you come to regret.
A fresh coat of paint is one of the best gifts an owner can give his building. No matter how old or derelict your structure, fresh paint can make it look newer and more well-kept. But not just that, if the paint doesn’t just look good but it adds value as well then you are really winning. Paint is so much more than just a colour and depending on the type of building you own you should think about things like anti-rust paint or intumescent coatings. The former is great for large metal warehouses while the latter is a fire-retardant covering that works wonders in the event of a blaze. Use this modern technology to not only make your building safer, but to help drive down your insurance premiums at the same time.
Use an agent
Unless you are in the property game it is probably worth making use of the services of a rental agency. These are people who deal with rentals and other people’s properties on a daily basis. They are also well geared for dealing with tenant crises and they have probably seen and done it all before. In other words, they have handymen, book-keepers and lawyers available to help and they have experience. They will make the whole experience a whole lot easier for you.
Make it work for you
Your asset, like your employees, should never be lazy. In other words, you need to make sure that it is generating as much income for you as possible. So, it is not just about being fully let, it is about finding the other angles and opportunities that you can exploit. If it has a large roof area, look to install solar panels. If it faces a busy road perhaps you could offer advertising space on the façade. Rent out surplus parking bays. Look for all the opportunities that are out there to generate more from the building.
Keep your building smart and in a good state of repair. This will ensure that you never find yourself in a position of having to do major repairs at a great cost. Rather have a monthly budget for repairs and maintenance and use it. Not only does it mean that you don’t have big, unbudgeted costs creping up on you, it also means that the property value goes up and in turn the rental and the type of clients that you can attract stays premium. Look after your asset like you would look after your body!