If you own commercial properties in Canada or the United States, the past six months have probably been a rather bumpy ride.
As shoppers dramatically reduce their spending or switch to online shopping, businesses are struggling to stay afloat amidst the economic crash caused by the coronavirus pandemic. This, in turn, impacts rental demand, and with no end to the pandemic in sight, it is not clear what the commercial rental market will look like in the coming year.
While this might seem like a strange time to invest in major maintenance projects, there are actually good reasons to use this time of uncertainty to take on necessary large-scale repairs.
Not do things like essential roof maintenance play a basic role in keeping the economy going; they are also an opportunity to make concrete improvements that will enhance the value of your properties. Here’s why.
Reduced Traffic is an Opportunity to Renovate
Whether they contain office buildings, shops, or residential rental units, under normal circumstances, commercial properties see a lot of wear and tear and repairing that wear and tear always involves a certain degree of disruption. No one likes working in an office when builders are in, and shop owners often complain about summer repairs because they reduce traffic and make it harder to attract customers.
Many commercial properties are seeing less use during this period. In some cases, they have been left vacant as tenants have had to withdraw completely, making this a good time to close them down for major disruptive repairs like re-roofing.
If you are considering booking commercial roof repairs this summer but aren’t sure where to start, you should check this out to learn more about the benefits of different roofing materials and approaches. You might be surprised to learn about how comparably affordable many of the options are.
Concrete Investment in Your Property Increases Value
There are always going to be a lot of factors that impact the value of a commercial property. Some of those factors, like location and broader trends in the rental market, are beyond the owner’s control. Others, such as the comfort and functionality of the property, are not.
In this time of economic downturn, focusing on what you can control and making necessary upgrades or enhancements to your commercial properties is one way you can work to increase their value, both to tenants and potential buyers.
Major repairs like re-roofing are essential parts of building upkeep, so if you may need to fix or replace the roof in the next couple of years, you may want to move those repairs up and have them done in 2020.
The full ramifications of how the pandemic will impact commercial real estate are yet to be seen. But in this time of uncertainty, spending money on investments that will yield a concrete return by tangibly improving your properties isn’t just about ensuring that necessary maintenance gets done; it will also help keep the value of your property up as the economy recovers.