While dealing with property, the inevitable goal is to achieve an increment in the property. The goal is to make it more worth than you bought it for. Even though the road to value addition can be a long and confusing one, here Thecotocongroup sharing some recommendations :
1. Get an expert’s view and get the property inspected
An expert could be a realtor, energy expert, engineer, interior designer or all of the above if the fee is well within your range. The standard market fee is around $100 for an hour. Take even the smaller home improvement suggestions seriously, such as color paint and furniture.
However, the cosmetic aspect, though important, is not to end all of it and thus hiring an official inspector is a good place to start. Outdated electrical systems, HVAC, lighting, untapped potential for renewables, termite infestation, roof deterioration, etc tend to get skipped by us. Moreover, these seemingly small problems can elevate really quickly and cause a massive halt in operations.
2. Try to cut your energy costs
Energy-efficient buildings offer an instantaneous value hike by offering longevity, sustainability, and safety. The ideal way to go about it is to first get an energy audit and retro-commissioning of your building done. This is to help gauge where the interventions are really required, and what kinds and best ways to achieve them.
The suggestions for the same usually revolve around improving insulation, updating HVAC, and lighting, incorporating regenerative renewables, updating appliances to smart tech, and optimizing water usage. All of these help substantially reduce the money spent on utility bills and make your property an exceedingly marketable asset in the longer run.
3. Improve the air quality of your property
The importance of good air has never been more drastically reiterated than in the pandemic and post-pandemic world. As health-first policies begin to dominate all ecosystems, good air promises good health, which is honestly invaluable but also definitely helps fetch tangible results by helping increase the market value of your property. A common misconception is that air quality has to do with outdoor conditions. Sometimes, it’s the age-old carpet that contains all the contaminants and allergens. The first step here as well is to get your indoor air quality professionally checked.
4. Install energy-efficient fixtures
Did you know that a decorative, fully functioning ceiling thing makes for a perfect replacement for the age-old air conditioning? Also, the return on investment is immense, with the utility bills going down drastically. Therefore, have all old fixtures replaced and updated.
5. Add strategic and useful amenities
All the winning in the game happens in providing convenience these days, which is guaranteed through amenities. Some amenities that add value to your property revolve around possibly adding a concierge service, fitness center, conference room or a business center, a coffee bar or a similar place for people to socialize. It has been observed that people are currently experiencing a newfound urge and need for social connection or for feeling a sense of community after the collective trauma that the pandemic was, especially in regard to social isolation.
If you feel like going an even extra mile, you could consider getting a laundry room or even renting out the common areas for the conduction and curation of various art shows.
If your building is optimally energy-efficient and in good compliance with the green laws, various rebates are offered on all kinds of taxes. We suggest you contact an environmental firm to get more clarity on the subject. Many appraisals can also be up for grabs with such a background.
7. Pay special attention to HVAC
Heating, ventilation (indoor and outdoor) & air conditioning are responsible for 40-60% of a building’s energy and electricity consumption, depending on types and operations. This is why tuning up your HVAC is non-negotiable. It must be ensured that the furnace of your air-conditioning is functioning at peak efficiency along with ensuring that all the connections are tightened and various parts sufficiently lubricated with the coils cleaned. Installing labeled products helps save up to 16% energy which roughly means saving at least $100 every week! Energy Star air conditioning is known to provide 8% more energy savings.
8. Do not neglect the demographics and the trends
As far as the features are concerned, they are people dependent, implying that certain features call to certain people. According to the National Association of Realtors, 37% of the property buyers are millennials and what appeals to them are smart technology installations as well as being optimally energy efficient.
9. Install smart technology
Smart technologies predominantly revolve around the themes of safety and convenience. So awfully convenient that most often than not, it is absolutely possible to install these without any external help or assistance. Some popular examples include fire extinguishers and fire detectors, keyless entry, high-end wifi access, security cameras, door locks, thermostats, and carbon monoxide detectors which tie back with the point on air quality improvement.
Ensuring value is an evolving process and in order to be at the top of the game, periodic assessments are mandated to help strategize best. Retrocommissioning is essentially an inspection that aims to ensure proper operations while taking care of certain sensors and adjustments. Local Law 87 legally mandates retro-commissioning periodically to help buildings achieve optimum health, post which a report also has to be submitted. However, retro-commissioning should be taken up by building owners as a healthy practice that expands the lifespan of your building by letting the owners know where the scope for true improvement lies.
11. Energy Audits
Going green is one of the greatest differentiators and value add-ons as far as the building value is concerned, more so after gauging the market which is made by mostly millennials who genuinely and deeply care to understand the climate crisis and care for it.
Energy audits maximize cost-effectiveness and prioritize health, safety & comfort. Experts (energy service companies- ESCOs, energy consultants, and engineering firms) complete a comprehensive identification using smart technology to evaluate the situation. However, these must only be performed by certified experts who have the necessary skills and experience.
12. The low-hanging fruits
Some of the very superficial and obvious interventions that go a long way are simple landscape changes, a fresh coat of paint, replacing old fixtures, and updating doors and windows as opposed to major renovations.