Property

Refurbishing A Commercial Property In Australia: Top Tips

Australia has a hot market for commercial properties at the moment. If you’re looking for an investment opportunity that’s outside of the norm, then investing in a commercial property in Australia could be the perfect fit.

Buying a commercial property to refit and sell on or rent out could be the perfect way to combine investment opportunities with sun, sea and sand. You could consider basing yourself in Australia while you work on your property.

Here are some of the top tips for commercial property refurbishment success.

Why Refurbishment?

Usually, you can buy commercial properties in need of refurbishment that are significantly cheaper than ready to use commercial properties. This means that when they are all fixed up, the return on your investment could be substantial.

Research

It would help if you did extensive research before you choose a property to refurbish. This should include research into the property’s area, what rents and property prices are like, and what kind of uses a commercial building has in that area.

Refurbishment can mean anything from a lick of paint to significant structural change, so it is essential to know precisely what you are getting yourself into with a property. You should always visit and have professional inspections of a property before choosing to buy, especially if the price seems too good to be true. The last thing you want is to buy a property that is beyond your means to refurbish.

Cleaning

The first thing you should do with a new property is give it a thorough clean. This will show you which parts of the building can be kept, what needs to be updated and what needs to be removed completely.

For instance, tiling could be perfectly functional with a thorough professional clean and save you considerable money. Check out Infinity Floor Restoration for some tile cleaning Perth inspiration.

Exterior

First impressions count when it comes to any property. You will want prospective buyers to see the building to its best advantage, which means you need to ensure the exterior is attractive and well presented.

How much work goes into this depends on the current state of the building. A fresh coat of paint may be all it needs to make the property exterior buyer-ready, or you may have to update the entire façade.

Security

Installing sound security systems can make a commercial property much more attractive to prospective buyers or tenants. This could include CCTV and alarm systems, as well as reinforced doors and windows.

Sustainability

Making a building eco-friendly can be a great way to attract potential buyers or renters. There are also rules and guidelines you will need to follow in your refurbishment in Australia.

Sustainable measures that you could take include proper insulation ethically sources materials and solar panel installation.

Safety

You should ensure that the building is up to code for electrical, gas and fire safety. Fire escapes, good wiring and safe stairs are crucial to potential tenants’ or owners’ protection.

If the building is particularly old this may lead to a significant cost, so this is worth considering when you do your research.

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