There are plenty of things to invest your money in these days, and one of them is property. Have you got a significant pile of cash burning a hole in your pocket? If so, investing in property is one of the best ways to make your money work for you.
Commercial property is perhaps the best form of “bricks and mortar” that you can buy. Many property developers will swear you can get a higher yield on rental income from them rather than residential ones.
If you’re about to buy an office building, here is what you need to do to maximize the returns on your investment:
Check the infrastructure
Once you’ve taken possession of your office building, the first thing you need to do is check the infrastructure in and around it. It doesn’t matter whether it is a brand new or an old building; you still need to make sure everything works as it should.
Start with the electrical system. Have a qualified team of electricians check the wiring and sockets in the building. One of the reasons fires start in office buildings is because of faulty electrical wiring.
It’s important that your electrics are up to code, and that they are safe and work as they should. The great thing about office wiring is that it’s easier to maintain than ones in residential properties. That’s because floors and ceilings are often modular and offer better access.
Once you’ve confirmed the electrics are in order, the next stage is to check the pipework running in and around the building. This includes fresh water and waste pipes. One of the leading causes of pipe issues is corrosion.
It’s worth hiring a company that offers dry pipe inspection. In a nutshell, they insert cameras into pipes (a bit like endoscopes) to see how good or bad each pipe is. The beauty of doing that is it’s cheaper than removing and replacing pipes for inspection purposes.
Other things you should check include fire safety systems (i.e. sprinklers and alarms). And elevators too, if your building has them. It might sound like a mammoth and expensive task to do all this, but it’ll pay dividends in the long run.
Renovate the interior
Now that you know everything is functioning well, the next stage is to give your offices a makeover! I recommend making each office as light and airy as possible. Some of the ways you can achieve that include painting the walls white, and fitting light colored carpets.
Replace the lights for energy-efficient ones, as this is a key selling point to future tenants of your offices. Also, make sure each office is secure by fitting decent locks to the doors. Some building owners might even fit security pass systems for increased protection.
You’re more likely to get tenants if you furnish your offices. Consider adding some practical yet affordable furniture in your offices. The main things you need are desks and chairs!
Once you’ve done all that, it’s time to start leasing your offices to people. Good luck!