When you own a commercial property, its appraised value is incredibly important to buyers. Commercial buildings often get bought and sold at a faster turnover rate than residential properties. Therefore, a buyer will want to know that the price they give you for the property is in line with what the property is valued at, so they won't have to be so concerned with taking a loss if they do have to sell later on down the road. This is especially true for a commercial building that is planned to be used as a restaurant. When you are planning to have your restaurant building appraised, it is critical that you do a few important things first to ensure the property reflects its true value.
1. Update the kitchen fixtures that are most prominent.
When a buyer looks at a commercial building with plans to use it as a restaurant, they will be looking at those main fixtures that should be part of such a space. For example, a commercial cooler, cold cases, industrial ovens, and commercial kitchen sinks are all examples of fixtures that are probably integrated as part of the building. The appraiser will be looking at these same things. Therefore, upgrading the most prominent fixtures will help you fetch a higher appraisal amount.
2. Ensure the interior of the building is immaculate.
The cleaner a commercial space is inside, especially when it is ideal for a restaurant, the higher the appraisal will likely be. So make sure you really put in the time to get the place sparkling clean before your scheduled appraisal. From the grout in the tile on the floor to the windows, go through everything with a discerning eye to ensure it is as clean as possible.
3. Give the exterior of the building some attention.
Part of the draw to any commercial building for customers is how it looks on the outside. If your building has a parking lot that hasn't been sealed in years, chipped and peeling paint, or dysfunctional doors, it is not going to have as high of a value. Before you have the property appraised, do what you can to spruce up the exterior of the property, right down to trimming the shrubs along the front of the building and repainting parking lot stripes. All of this stuff may seem unimportant, but it truly can up the value during a professional appraisal.
Contact an appraisal service, like East Coastal Appraisal Services, to schedule your appointment.