How Modernized Elevators Can Boost Your Property Value
When you are preparing to sell a property or looking to attract new tenants in a competitive real estate market, paying attention to the details can make all the difference. When it comes to improving your property’s market value, a sometimes-overlooked area is your elevator.
Fully modernized and aesthetically pleasing elevators can significantly enhance the appeal of your building and ensure an increase in your revenue potential. Follow these guidelines to boost your property value by leveraging your property's vertical transportation systems.
Take Your Property To The Next Level
In today's competitive real estate market, property owners are always looking for ways to improve their building's value and attract tenants. One often-overlooked area that can have a significant impact is your elevator system.
Here are a few ways that modernizing your elevators can increase your property value:
- Enhanced Aesthetics and Building Harmony: Modern elevators with a sleek design can significantly improve the overall look and feel of your building. This creates a more positive first impression for potential tenants and complements any recent renovations you've made to the lobby or other common areas.
- Improved User Experience: Modern elevators are equipped with new technologies that can reduce wait times and provide a smoother ride. This not only improves convenience for tenants but also creates a more positive user experience.
- Increased Energy Efficiency: Newer elevator models are far more energy-efficient than older systems. This can lead to significant cost savings over time and can be a selling point for environmentally conscious tenants.
- Modern Safety Features: Modern elevators come equipped with the latest code compliant safety features, giving tenants and investors peace of mind.
Unifying Your Building Aesthetics
Creating a seamlessly beautiful building is instrumental to attracting new renters and setting the value of your property. If you have upgraded your building's facade, lobbies, and public areas, renovating your elevator system is an excellent way to harmonize the building's aesthetics and complement your existing renovations. When a lobby has been renovated, older elevators typically appear even more unappealing by comparison due to the contrasting styles & wear. Continuing popular lobby materials such as glass patterns, metal finishes, stone work, and wooden accents in an elevator renovation are trendy features that increase your property’s overall charm and are sure to attract potential new tenants.
Optimizing The Guest Experience
An elevator system that is completely out-of-date can drag down your property value even after other major renovations. If your building is older, renovating your elevators is a great way to increase your property’s attractiveness, promote user satisfaction, and grab the attention of potential leasers or buyers. Even if your building itself is not old, an elevator system is only built to last for 20-30 years, so if your elevator system hasn't been upgraded in two decades, renovation procedures can help optimize the underlying equipment while promoting the physical attractiveness of your property overall.
Reduce Elevator Operational Costs
Newer elevators are far more energy efficient and cost saving, compared to older elevator systems. Modern elevators can operate with new technologies that help reduce wait times and decrease the number of wasted trips, which can dramatically improve convenience and guest experience, while ultimately reducing operating costs. A modernized elevator can create a lasting impression while elevating the esthetic and charm of your recently renovated property while improving your bottom line.
When it's time to financially evaluate your property, don't forget to consider modernizing your elevator and how it will impact your overall market value.
Modernized Safety Features
Part of the elevator modernization process includes upgrading the elevator equipment with new code compliant, safety features. Over time, the elevator code has evolved with modern content incorporating new equipment standards and technological features that directly impact elevator safety and operation. Although elevators typically have a life expectancy of 20-30 years, the elevator code tends to be updated every 5-10 years with new technologies. Elevator Code
Tenant expectations are high and moving people in a safe and efficient manner is important to owners and management companies that may be looking to invest in your property.
Liberty Elevator Can Raise Your Property Value
Liberty Elevator Corporation is committed to improving your property value through vertical transportation that is efficient, cost effective and attractive to your guests. Weather you need a complete elevator modernization, cab refurbishment or regular maintenance, Liberty will deliver results that positively impact your property’s' market value.
Contact Liberty Elevator for an evaluation of your property and an honest assessment of your elevator options across New York, New Jersey, Philadelphia & South Florida.