Real estate investing is a great way to increase wealth and protect your financial assets. Purchasing an office building, apartment complex, campground, or acres of land is a safe and secure investment. In order to increase the value of your property, it’s important to provide the necessary upkeep and maintenance on an ongoing basis. However, you can increase your wealth even faster by improving and upgrading your real estate instead of merely maintaining it.
Here are 4 ways to increase the property value of your real estate investment:
1. Install Solar Panels
2. Seed and Protect Your Land from Erosion
3. Add Security Cameras for Safety Value
4. Implement Smart Technology
1. Install Solar Panels
There are many reasons why you should consider upgrading your commercial building with a solar energy system. First and foremost, you’ll save on energy costs over the long term. Providing power to an apartment or office building is very costly. By placing solar panels on the roof, you can provide efficient energy to all your tenants. Depending on location and available sunlight, you may even be able to earn a credit or get cash back on a surplus of energy that you add back to the power grid.
You can take advantage of the many incentives and tax cuts provided by the federal government, the state, and local utility company. Best of all, adding solar energy to your property increases its value immediately — without raising property taxes. Any value added from solar is waived from a property tax. You’ll be able to save on your electricity bill, increase the value tax-free, and be seen as attractive, modern business that cares about the government.
2. Seed and Protect Your Land from Erosion
Whether you have purchased a plot of land, campground, or wish to maintain the property grounds of a commercial building, it’s important to protect and maintain the trees, plants and other vegetation. Professional landscaping is important to keep your property looking nice. An aesthetically pleasing building allows you to charge top dollar for potential tenants looking for a rental opportunity.
If you have invested in land only and don’t have any building maintenance/landscape obligations, you still need to take steps to ensure the slopes and hills on your property don’t suffer from erosion. This can also be a concern for any office complex or apartment building landscaping as well. The way a property is graded affects how water flows during heavy rainstorms. If foot traffic or the bad weather wash away grass and vegetation, erosion and mudslides are soon to follow. The solution is to use commercial-grade seeding techniques, such as Granite Seed erosion control products for protecting newly planted seeds.
The best way to protect your land is to maintain the vegetation, which stabilizes and protects the soil from eroding and washing away. Often this requires reseeding the sloped areas of your land and then protecting the seeds so new grass can grow. Fortunately, there are erosion experts who can help. They use soil stabilizers, erosion blankets, and mulch to protect your property and control the runoff of water. This maintenance will increase the beauty and value of your real estate investment, important for attracting high-paying tenants and increasing the resale value of your property.
3. Add Security Cameras for Safety Value
When renting any property, one of the most important issues for renters is safety. This is especially true for apartment buildings, but it applies to any office building or commercial property as well. It’s a good idea to install security cameras both inside and outside, covering entrance ways, corridors, and parking lots
Security cameras are a great way to deter criminal activity, and they also can protect you from liability issues that may arise. With evidence of any reported incident, you can refute false claims or accusations of negligence. Any burglars or vandals can be caught swiftly and held accountable. If you invest in a security camera system, you can provide a sense of safety for your tenants, ensuring a steady stream of revenue from happy renters.
4. Implement Smart Technology
Upgrading your property with the latest technology is an easy way to position yourself above the competition. Plus, many smart devices can save you money in the long run. Install motion lights that shut off automatically. These lights are perfect for restrooms, break areas, and can provide additional security around the perimeter of your property.
Other smart technology options include climate control to maximize efficiency. Consider offering Wi-Fi to your business tenants for meetings and events. Integrate sound in meeting rooms for conference calls and music. A key card system offers additional security and ensures only tenants and their guests are able to access the property. These types of perks are relatively inexpensive, and they will allow you to maximize your rental rates while attracting the best long-term tenants.
As you plan a strategy for protecting your assets and growing your wealth, consider investing in commercial real estate. Purchasing real estate provides a secure, profitable way to invest your money. If you can improve the property instead of merely maintaining it, you’ll find your earnings will greatly increase. Create a plan for ongoing property landscaping and erosion prevention. Implement and install modern technology, such as solar energy and smart devices which provide convenience and security. You’ll be able to attract the best tenants and enjoy long-term success as a real estate investor.
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