Major renovations, structural changes, or new amenities are often the first things owners consider when trying to increase the value of a commercial property. However, a simple painting job is one pretty easy and affordable method that may frequently pay off handsomely. A new coat of paint has an effect that goes beyond appearance.
It may have a significant impact on a property's perceived and real worth, which can increase its market value. Below, we look at several ways that painting might increase the value of your business property.
The Importance of First Impressions
The competition in the commercial real estate market is growing and will continue to do so. According to Statista, the market could reach $25.28 trillion by the end of 2024. Moreover, it is expected to increase to $28.16 trillion by the end of 2029.
The US commercial real estate market is witnessing losses because of the declining office property values. The New York Times says that the buildings are being sold at much lower prices than they were a few years ago. In this challenging time, making a good first impression when selling your property or leasing it is of utmost importance.
It's common for prospective renters, purchasers, or clients to have opinions about commercial real estate shortly after viewing it. The outside of a structure is the initial point of contact, and first impressions may be greatly influenced by its look.
Fresh paint that is kept up nicely indicates that the property is well-maintained; peeling or fading paint indicates negligence. A shiny, tidy façade can have a psychological effect that separates a successful sale or lease from a lost chance.
Enhancing Curb Appeal
An important consideration in property pricing is curb appeal. It is a property's total curb appeal, as seen from the street, and it has a direct bearing on its perceived worth. A well-kept business building's façade makes it stand out in any community, which attracts potential tenants or purchasers.
Painting a property's exterior may revitalize it, bringing attention to its architectural characteristics and differentiating it from other structures. Potential renters or purchasers may become more interested as a result of this aesthetic improvement, which might raise demand and enhance offers. To achieve this transformation, using high-quality commercial painting supplies is essential for ensuring a durable, professional finish that can withstand the elements and maintain the property's visual appeal for years to come.
Curb appeal is also important for rental properties or single-home properties. If you are a property manager or own a lot of real estate, curb appeal is something you should focus on significantly.
As stated in a Yahoo article, the importance of curb appeal cannot be stressed enough. The article mentions an agent specializing in multi-million dollar home sales. She says that her clients have sometimes refused to look inside a property based on the outside's curb appeal.
A simple paint on your commercial property can help you overcome any such challenges related to curb appeal. It will at least get your prospective buyers inside the property to do further examinations.
If the paint on your property does not look fresh and good, you should quickly look for some local commercial painters. You can do some research on the internet or ask someone from your network for recommendations. There are many service providers available, so it won't take you too long to find someone.
As stated by EA Pro Painters, these commercial service providers leverage specialized techniques. Thus, they can ensure quality finishes to further boost your property's curb appeal. Moreover, they will have the right workforce and resources to complete the project within the right time. This ensures that your property is ready with a fresh paint coat by the time you want to sell or lease it.
Reflecting Market Trends
Market trends impact the value of commercial real estate, and painting your facility is one approach to match these trends. As tastes in color and design change over time, a property that matches these trends is more likely to draw in purchasers and tenants.
An update to the building's interior and exterior color scheme can convey to potential buyers that your property is up to date. This strategy improves the property's aesthetic appeal and shows that the owner takes an active role in the upkeep of the structure.
For example, subdued and neutral colors are common in contemporary business settings since they communicate adaptability and professionalism. These hues might provide the impression that an area is bigger, cleaner, and more suited to certain commercial requirements.
Conversely, highlighting important spaces with strong, well-chosen accent colors can call attention to particular architectural elements or characteristics that raise the property's worth.
A fresh coat of paint can also improve the chances of finding renters or buyers quickly to avoid vacancies. A recent study from the National Association of Realtors shows that the currency vacancy rates stand at around 13.7%.
Protecting the Building Structure
Although painting is widely known to have numerous aesthetic benefits, it also offers defensive benefits that should not be disregarded. An appropriately placed layer of paint protects the building's structure from external factors.
Regular exterior painting protects the structure from weather-related deterioration, which includes moisture, UV rays, and temperature fluctuations. This protection helps prevent expensive structural deterioration issues such as rust, wood rot, and other issues of a similar kind.
Reduced damage and new-looking property can also impact insurance costs. For instance, paints with UV protection can reduce the impact of climate change on your property. This can help you protect against the rising costs of insurance due to these changes. In fact, some people are avoiding insurance due to the rising costs. However, doing so can further put their commercial real estate at risk.
Frequently Asked Questions
Why paint a commercial building?
The exterior of your structure is protected from weather damage, UV rays, and wear and tear by a layer of high-quality paint. The outside walls, roof, and other surfaces of a business building may all be made to last longer by painting them regularly.
How often should you paint a commercial building?
The typical repaint cycle is every five to seven years. However, it may vary depending on the properties you manage; your company could need to repaint more frequently.
Which paint is ideal for use in commercial buildings?
Acrylic paints are frequently applied to the external surfaces of business buildings due to their exceptional resilience to weathering. They are renowned for their resistance to intense heat and UV radiation.
One of the easiest methods to raise the value of a business building is to invest in a new coat of paint. Painting has several advantages beyond aesthetics, including safeguarding the structure, increasing energy efficiency, reflecting market trends, and improving curb appeal.
You may increase the property's market value and guarantee a solid return on investment by making it more aesthetically pleasing, modern, and ecologically friendly. Painting is a wise investment for owners of commercial real estate who want to raise the value of their assets.
