Keeping your property in top condition is not difficult if it is a continuing effort. There will be a plan in place for making ongoing improvements by investing a portion of each year’s income. Failure to do this will result in a neglected property.
Many investment properties suffer from improper care and neglect. Getting started on the program of enhancing the value should focus first on three areas. These three will immediately make an office or apartment building begin to stand out:
1. The lobby and interiors of the building must be perceived by tenants and visitors as something unique.
2. The outside appearance from the street must give a favorable impression to passers-by, both pedestrians and those in vehicles.
3. The building must stand out from its surroundings when seen from a distance.
The Improvements
Here are a few improvements that usually will change the appearance of an office or apartment building quickly:
• A new outdoor lighting system will enhance the nighttime visibility and take advantage of any nighttime traffic. The building will be more visible from a distance.
• In older buildings, the elevators often are slow and reflect the age. Without changing the entire elevators, an electronic control system might be added, producing a swifter and more consistent service.
• Replace the wall coverings in public areas on each of the floors to produce a lighter, cleaner image.
It is seldom necessary to “do” an entire building all at one time, disrupting tenants and running up big costs. Try an improvement on one floor to see how it works and how effective it is. If it makes sense, phase in the improvement over a period of months or years.