Maximizing The Value Of Your Philly Business Through Maintenance
Why maintenance and cleanliness matter
Philly has seen months if not years of real estate appreciation. There is a temporary hold on that, according to the Inquirer, as interest rates rise; but it’s likely to only be temporary. Other local reports show that demand remains huge throughout the city, and construction is not keeping up. In these circumstances, older properties start to find themselves in a sweet spot value wise - but competition rises, too. It’s a good step for business owners to look at how they can maximize the value of their property. Through this they can have a property ready for sale if the day ever comes and, in the meanwhile, an appreciable asset that can be used to help grow the business. Maintenance is the key to ensuring the business remains in good shape.
Deep structural changes
Alongside new developments, Philly has seen a run of demolition jobs that have taken down buildings which, despite their flavor, were often in a state of disrepair, according to OCF Realty. There is a wider story of Philadelphia premises having a significant need for repair. The changes in extreme weather across the state, and the sheer longevity of many of its buildings, has led to this situation.
As such, it’s important for business owners to undertake a full structural assessment of their building. Go beyond simple diagnostic tests on the quality of the structure, too. While some issues may be flagged up through survey, it’s also important to look at deeper seated and less easily recognised issues within the property. For instance, mold can penetrate into softer surfaces, such as wood and degraded concrete. If left untreated, it can create hidden and significant damage to the structure.
The storms and other extreme weather events that have hit Philly, and Pennsylvania as a whole, have had a huge impact. Ida cost $95 billion after all was said and done; and, recently, the Post-Gazette has highlighted a raft of new help following the recent storms. One area in which a lot of damage can be done without ever being fully classified is on the roof and ceiling areas of businesses.
Detritus can build up from storms, alongside damage done from impacts on the roof. This can often be difficult to see, and difficult to remedy, until it becomes too late. Again, looking at specialist maintenance and cleaning of the roof surface can be an important way to ensure the property retains its maintenance and customer safety is secured. Producing a report based on this can be an important factor to present to realtors who are valuing the property, so keep an audit trail.
Embracing curb appeal
Curb appeal is absolutely crucial, both for your business and for potentially selling your property. According to research published by Forbes, first impressions are made within 7 seconds, and the outside appeal of a property can add up to 7% to property prices. That’s a potentially huge gain in revenue, or a huge loss in interest.
Consider what elements go into the curb appeal of your business. The easiest elements to consider are the simplest - how clean are the windows, exterior areas, and is the landscaping green and vibrant? Consider getting professional power washing in place - there’s a lot of hidden dirt that can build up over the years and become part of the norm. Many property operators are amazed that their flagstones and brickwork are actually an entirely different color.
Beyond curb appeal itself, and the immediate outward look of your property, consider how the general upkeep and maintenance of the property will reflect on customers and those valuing the property. The general cleanliness of the property will impact the customer experience, and maintaining high levels will keep bugs and sickness away when winter arrives. When someone comes to visit and view the property, they will bear cleanliness in mind.
Furthermore, having a general principle of keeping the property in check and ensuring that everything is clean and tidy will help to show off the best parts of the property to realtors, and to also ensure that problems are seen well ahead of time. Where clutter and dirt builds up it can hide deeper problems in the building - mold is quite often the key example of that. Keeping your house in order presents a unified front to your customers, and puts it in good stead for valuation.
Through maintaining your property you can seize the positive conditions embracing the Philly housing market. Whether looking to upgrade or downsize, there’s a lot of money to be made in the market right now. Embracing principles of cleanliness and a good level of maintenance in your business will benefit sales whatever happens - take steps today to make it happen, and watch the business grow.
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