The key to success in the real estate investment game is understanding the challenges that come with property ownership. So many people dive straight into it without really understanding what is involved with owning and managing a property and they soon find that they are out of their depth.
Each type of property investment comes with its own specific challenges, so research is crucial. Investing in a commercial property is a brilliant option, but maintenance is a big issue. You have a much bigger building to deal with and if you can’t keep it in good condition, the businesses that rent it from you will not be happy. So, if you are planning to invest in a commercial property, these are the big maintenance challenges you need to be aware of.
Electrical Faults
When you have offices filled with computers throughout the building, a lot of strain gets put on the electrical system. This means that the likelihood of electrical faults in a commercial building is much greater, and it causes more problems. The businesses in your building rely on technology to operate and any electrical failures mean loss of revenue for them. So, before you purchase a commercial building, make sure that the electrics are checked during the survey. You may want to consider rewiring the whole building to reduce the chances of a fault. Although this is an initial outlay, it will save money in repairs later on, so it’s worth it.
Structural Issues
Structural issues with a building can be incredibly costly to deal with and, in some cases, they may make the building unusable. This causes a lot of problems for your tenants, so it’s important to stay on top of them. If you notice any big cracks or anything else that concerns you, call out a professional concrete company like K&E Flatwork and have them make repairs. This will increase the structural integrity and durability of the building so you can avoid big problems in the future.
Leaks
Water damage is a nightmare to deal with, so avoiding leaks in your commercial buildings is vital. Unfortunately, older buildings are prone to a lot of plumbing issues and if they are not managed, you will end up with big leaks. Make sure that you get your plumbing inspected on a regular basis so you can make preventative fixes instead of waiting for a big leak before you call out a plumber.
Dangerous Materials
This one only really applies if you purchase an old building. There are a lot of old building materials like asbestos or lead paint that can be harmful to your health. You need to tackle all of these problems before you are able to rent the building out, and this could be a considerable cost. This will be identified during the survey so you can decide whether you’re willing to take it on or not. If you do decide that you want to, make sure you call out a professional service to remove asbestos and lead paint.
If you are willing to deal with these maintenance challenges, your commercial property investment will be a big success.
