The perfect time to update your property depends on your short-term and long-term business goals. This way, you can make the best financial decisions. It’s best to renovate your self-storage facility under the following conditions:
- After purchasing an old property: Renovating an outdated self-storage facility allows you to add features so you can attract more tenants and possibly charge more for rent. Even if you’ve been in the business for a long time, the industry has changed tremendously over the last few decades. Consider which upgrades would be the most attractive to your clients.
- If you want to get the highest possible rent: No matter what type of renovation you’d like to do to your business, you’ll want to make sure you get the most money out of the deal. You may make some changes that allow you to reduce your need for employees. Investing in modern appliances and features enables you to charge more for rent. It’s also helpful to consider your long-term business plan to know if putting in the money you have now will get you more money in the future.
- When you want to stand out among the competition: Think about what makes your facility different from the one down the street. The self-storage industry features brand-new technology that changes by the minute. You’ll need to stay up to date on the latest trends so you can stand out. If you have other self-storage facilities in your area, you’ll have to make sure yours is better than theirs so your property value will be higher. You can have loyal, reliable customers for years if you renovate to meet their needs.
- To get a positive ROI: You should only renovate your property to get a high ROI. The money you put into each upgrade should yield a profit in some way. When thinking about upgrading your facility, consider whether the renovation will bring in more tenants and allow you to charge a higher rental price.
- To make your facility more accessible: Think about which amenities you’d like to add to your self-storage facility to help lower operating costs and produce a higher ROI. By making some technology upgrades, you may need to hire fewer staff members due to automation.