If you are planning to sell your commercial property, it makes sense for making some efforts so as to get the maximum price for it. The price or the value can be ascertained after a formal ‘Appraisal’ of the property. But before an appraisal by a company, there are several things you can do so as to have a higher valuation of your building.
You are reading: How To Prepare For An Appraisal Of A Commercial Property
Even if you leasing out your commercial property and want to have the highest rentals possible, it would be prudent to make some changes before the appraisal process so that that the tenant would be forced to give better rent. There are so many other occasions when a professional appraisal is required for determining the correct and updated value of a property.
There are a few things you can do before an appraisal process begins. There are:
1 Make Some Repairs: Undertaking a small repair task for the commercial property that is to be appraised will ensure that the appraisers does not find the place in a shabby condition. Spending a small amount on the repairs can go a long way in increasing the value of the property. The fire alarm in the building should be working. If there has been a cracked roof or a leaking tank, repairing the same would cost a little but there can be significant increase in value of the property in the eyes of the appraiser. Sometimes a simple paint job can lift the value up.
2 The Appraiser Must Know The Improvements In The Property: Make sure that the appraiser gets to know all the improvements that you have made to the property. It can be to the washrooms or to the warehouse where all the goods are stored (in case of factories).
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3 Placing Some Plants: Having plants inside a commercial property is considered a great advantage these days and can have an impact in the value of the property to be appraised. Planting some saplings hardly costs anything but can result in higher ascertained value. It also gives a pleasant feeling to the prospective buyer (of the property).
4 New Facilities In The Locality: Make sure that the appraiser knows about any new retail store, bank branch, school or college or any such things which has opened in your area recently is known to the appraiser. All these things increase the lifestyle and social infrastructure and increase the value of the property.
5 Thorough Cleaning: Sometimes even deep cleaning of the property can have a huge impact on the value and the appraiser might assign a much higher value to the property. If there are chemicals that have leached into the flooring, that can severely impact the value of the property. Getting the chemicals removed from the flooring must be done so as to increase the value of the property. There are times when a thorough cleaning of the store room is required in the case of a factory or an industrial property.
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