5 Tips for a Tenant Improvement Remodel
Are you buying an industrial property in order to rent it out to a business? Or do you want to update a property you have to make it a more desirable rental? Commercial remodels can help improve the flow and function of a space. As the landlord, you have a lot of considerations to make. You need to think about your needs and budget, but also keep in mind the potential needs of any renters. Working with a Minnesota tenant improvement contractor can make the process a little easier because the contractor should have experience with this type of remodel, so he or she knows what projects will get you the best return on your investment.
Keep these tips in mind as you set out on a remodel designed for tenants:
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Think About Your Budget: Before you start picking out flooring, light fixtures and other design elements, you need to set a budget. How much are you willing to spend to make this space a functional office or warehouse for a renter? Your budget may depend in part on how much work needs to be done to the space. A raw building, for example, would require a much larger budget than an outdated office space.
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Focus on High Return Areas: Once you know how much you are going to spend, you will be able to start picking out your projects and divvying money to each area.
For a commercial renovation, it may be a good idea to update bathrooms, upgrade existing desks and furnishings, install custom cabinets, replace heating and air conditioning units, install new windows and doors, repaint the walls, and replace flooring. -
Work With Tenants: If you already have a renter lined up for the commercial building, it may be a good idea to work with the tenants to find out what type of improvements they would like to see. A knowledgeable Minnesota tenant improvement contractor can keep both your needs and the needs of the renter in mind. This will help you make the best design choices you can for the space. Working with current tenants to create an office space they can thrive in is a great way to ensure they will be happy in the office building for years to come.
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Keep the Long-Term in Mind: Even though you want to make the current tenants happy, you still need to keep the long-term in mind. Somewhere down the road your current renter may decide to move, which will leave you searching for someone new to come in. If you want to avoid doing a major remodel every time a business leaves, you need to make sure to avoid making design choices that will limit the use for the space. Keeping the long-term in mind can also mean saving some remodel money for the future when you need to replace the roof or repaint the walls.
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Make Design Choices: Creating a usable, good-looking office can help draw in renters who will stay for long periods of time. However, making smart design choices can be hard for someone with little to no experience remodeling commercial buildings.
That is why working with a dedicated Minnesota tenant improvement contractor is such a good idea. Not only will this person be able to help you finish your project on time and on budget, but he or she can also help you make smart design choices that improve both the function and look of the warehouse or office.
Remodeling a commercial space is much different than renovating a home. This is especially true if you are trying to redo a rental property. Get in touch with a Minnesota tenant improvement contractor if you are buying a new commercial rental space or you simply want to help a renter redo an outdated office building.
Are you a Real Estate Broker? We want to connect. Please send your contact information to us using our Contact Form and let’s see how we can work together. We often work with clients well before they decide to expand their space so having a good network of Real Estate Brokers is key.
