What to Know About the Costs of Upkeep on a Commercial Property

January 24, 2022

If you own commercial property, you already know that keeping it fresh, clean, and ready for tenants is necessary for your own financial wellbeing. But it can be a complex thing to figure out how to keep up a commercial property and make sure it’s ready for making you money! What sort of costs are involved in the upkeep of a commercial property? Much the same as those of private property, but with a twist: you don’t live there, but your business does!

Maintenance and Repairs

There are always ongoing repairs regardless of what kind of building you own. Roofs need repair and inspections often to make sure that there are no leaks. Pests need to be prevented too, of course, and plumbing and electrical work needs help from time to time. Depending on the size of your building, you need to save fifty percent of rental property income for ongoing repairs. This can sound high, but will keep you from despairing if a major storm comes through town, or electrical problems show up in the wiring of an older building! The other average is to save $1.78 per square foot of the property you own for maintenance needs.

Landscaping Services

Wherever you have winter storms that blow, or whether you just have a lush tropical environment where plants grow large, landscaping is still a necessity for commercial properties. If you have trees which are felled or large limbs, those should be cared for quickly. Stump grinding can remove obstruction and eyesores on your property. Keep lawns trimmed neatly and bushes trimmed away from windows and the foundation of a property.

All the Bits and Pieces

Whether it’s making sure the HVAC system is working properly, or pressure washing the exterior of your building to paint, it can seem like there’s a never-ending amount of things to do around a property. Remember that when you are making a fresh and prosperous looking exterior, you are creating that “first look” for future tenants. Having “curb-appeal” can create an image of the business your future tenants can build within your building, which is exactly what you want.

If you own a commercial property, attracting and keeping tenants is your business. Having clean, fresh insides, and interior maintenance taken care of makes tenants want to stay! Create spaces where your town can feel delighted to be, and you will prosper.

Read this next: How to Make a Major Shift Away from Physical Office Locations

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