Improve Your Building’s Market Value by Renovating the Elevator
Whether you are preparing to sell a property or simply working to attract new leases in a competitive real estate market, paying attention to the details can make the difference. When it comes to improving your property’s market value, elevators are one of the most important factors. They are a vessel to the rest of the building and if overlooked during initial renovations, one may anticipate capital improvements in the future.
If you are a property owner with an on-site elevator, it is important to understand the positive impact elevator redesign can have on your property. Here are two major benefits of having your elevator system renovated in order to enhance your property’s overall value and increase your revenue.
Unifying Your Building
Creating a unified and visually appealing building is instrumental to attracting renters. If you have upgraded your building’s hallways, lobbies, and other public areas, upgrading your elevator cab is an excellent way to harmonize the building’s aesthetics and complement your existing renovations. Try upgrading the fixtures and lighting within your elevator cabs, as well as the materials used. Glass patterns, metals, stone, and wood are trendy materials to use in cab design and can increase your property’s overall charm.
An elevator system that is completely out-of-date can make your facility as a whole seem outdated as well. If your building is older, modernizing your elevators is a great way to increase your property’s value and potentially grab the attention of potential leasers or buyers. Even if your building itself is not old, an elevator system is only built to last roughly 25 – 35 years, depending on the usage and building needs. If your elevator system is now well over two decades old, renovation procedures can help optimize the underlying functions.
Newer elevators are far more energy and cost efficient when compared to older systems, and many contain new technologies to help reduce wait times and decrease the number of wasted trips, which can dramatically improve rates of user comfort and convenience. A modernized elevator can maximize your building’s charm by making a great and lasting impression on all who enter.
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