Commercial and rental properties offer a potentially lucrative investment opportunity when market conditions are right. However, to attract top dollar from tenants and increase property value for your real estate investments, it’s essential to maintain the appearance and condition of your property.
In this article, we will explain how well-executed painting by painting contractors can increase property value.
Making Good First Impressions
Whether you’re selling your property or looking for high-quality tenants, first impressions are critical to your success. People form an opinion of a property in an instant, quickly taking in what they see and determining its perceived value.
Well-executed painting ensures you elevate the building’s value in buyers’ and tenants’ eyes by maintaining a polished appearance. This contributes to curb appeal and increases property value by keeping your property presentable.
However, even if your curb appeal is impeccable, once people enter the building, they will also raise red flags if they encounter peeling paint, stained walls, unfinished baseboards, or outdated paint colours. As a result, interior painting is just as critical to making a memorable first impression as your exterior paint execution.
Reducing Risk of Exterior and Interior Damage
Properly applied exterior paint by a painting contractor greatly decreases the risk of interior water damage that can reduce your profitability due to losses related to costly repairs.
Using the right exterior paint on exposed exterior surfaces will create a barrier against water infiltration to maintain your interior finishes while also reducing tenant complaints.
Exterior protection against the elements is not limited to water, but also issues like mould and mildew growth caused by improper seals on surfaces such as wood, as well as colour fading from UV rays. Such problems will quickly age a building and reduce its value.
You also have to consider the impact that water damage can have on your tenants’ belongings and the risk that potential new tenants will give your building one look and decide it’s unsuitable.
Colour Impacts Value
A critical factor in well-executed painting jobs is choosing the right colours. Colour can instantly date a building or property, making it feel old and poorly maintained.
Professional painting contractors can help ensure the paint colours you choose throughout your property create a cohesive appearance that makes sense for your building type.
Proper paint application also ensures colours remain vibrant, rich, and saturated for a clean, professional look that elevates property values for both tenants and buyers. Considering what will appeal to your audience, the image you wish to project, and the style of your building all contribute to the right colours that will help maintain the value of your property.
Return on Investment
Well-executed painting significantly improves your return on investment (ROI) by providing longer-lasting results. Paint is vulnerable to many factors, including not using proper techniques that can reduce durability and ruin the appearance of the finish.
Proper preparation of surfaces, using an effective primer, and applying enough coats using the right tools all dictate how long your paint will last. The more attention to detail the painter applies to their work, the more impressive the results, the longer those results will last, and the higher your ROI.
A Competitive Edge
Real estate investment is highly competitive, whether you’re selling your property or competing for reliable tenants. When your property is painted with high-quality paint using industry best practices during the painting process, your property will stand out. You’ll be the property of choice over competitors who failed to spend the time and money to ensure flawless execution.
This is especially important in the floundering commercial real estate sector, where work-from-home business models and increased online shopping are edging out the need for brick-and-mortar offices and retail spaces. Regardless of your property type, high-quality finishes will result in a quicker sale or lease.
Reduced Tenant Churn
Property value increases when you have a track record of attracting tenants willing to pay top dollar for your well-maintained building. You can also help reduce tenant churn so you aren’t constantly faced with empty apartments or offices due to a lack of tenant satisfaction.
The better maintained your property, the more you can charge for rent, and the less likely it is you’ll face long periods of vacancies that eat into your profitability. When it comes time to sell, your record of consistent leases will impress buyers, thus helping demand top dollar.
Reducing Conditions on Offers
A well-maintained property is more likely to reduce conditions on offers, helping you attract offers at or close to asking. The more red flags buyers spot, the less likely they are to consider a purchase or make a fair offer.
As mentioned above, with well-executed exterior painting, you’ll reduce the risk of red flags like obvious leaks, rotted wood, and rusted aluminum window frames as your painting contractor will ensure your most vulnerable materials are protected.
Creating Critical Focal Points
From an aesthetic point of view, well-executed painting helps draw attention to critical focal points that can increase value.
Architectural features on a building’s facade such as gingerbreading on a Victorian property converted into attractive flats, Tudor wood detailing on a charming triplex, or edgy modern finishes like brushed concrete on an office building or plaza, all help attract top dollar.
For interiors, original wood trim or wall panelling, ceiling medallions, a statement wall in the lobby, or Venetian plaster walls all become more interesting when painted with attractive period-appropriate paint colours that bring these features to life.
Improving Common Areas
Common areas such as lobbies, halls, waiting rooms, reception areas, elevator banks, staircases, etc., are also much improved with well-executed painting. These are the areas frequented by visitors and tenants, making them critical elements contributing to a property’s value.
Fresh colours free of stains, peeling, and scuff marks will present common areas as well-maintained, helping attract and retain tenants while making a good first impression.
Parkside Painting: Expert Painting Contractors
The bottom line is that when it comes to painting, people want a quality job with proper prep work and a flawless, durable finish. By investing in well-executed painting with a professional painter, you will see a higher ROI by paying a fair price and getting long-lasting results that help maintain or increase property value.
At Parkside Painting, we offer honest professional painting services that deliver a great customer experience throughout your project.
For a free quote and advice on how to increase your investment property value with paint, call us at 250-891-2999 or contact us online.