How to save money on your vacant commercial property
15 May 2023, by Verity Editor
15 May 2023, by Verity Editor
Something many commercial landlords don’t factor in when they first acquire a property is that it may become vacant for some time and become a money pit.
Though you bought the property as an investment to generate recurring revenue, you can lose money if you don’t manage vacant commercial properties correctly.
In fact, it’s estimated that owning a vacant commercial property can cost you up to £100K every year to maintain. From security to repairs and insurance, these business expenses can quickly rack up quite the bill.
That’s why it’s so important to reduce the cost of owning a vacant commercial property in any way you can, so you can minimise any profit losses while it’s unoccupied.
In this blog, we will help you save money on your vacant commercial property with some of our best cost-saving measures, tips, and tricks.
First, let’s understand how you could potentially lose money on your empty property, so you know what areas of property ownership you should pay attention to.
Now onto some effective ways commercial landlords can save money on empty properties in the UK. These cost-saving tactics can reduce profit losses by the thousands, helping you better maintain your financial stability during property vacancies.
Small maintenance issues, like a crack in the wall or a leaky pipe, can evolve into expensive problems over time if you don’t catch and fix them early enough. Would you rather pay to fix a small leak or repair damage from the flood it causes over time?
This is why it’s crucial that you regularly perform an inspection of your vacant property (or ask a trusted friend/family member/professional to do so if you are unable to. These inspections will help you to avoid making costly maintenance repairs down the line.
By investing in more energy-efficient products and systems for your commercial property, like installing LED light bulbs and solar panels or switching from gas to electrical heating, you can save thousands on your energy bills.
If your commercial property is vacant as you cannot attract renters, ‘going green’ may be just the selling point you need to help a business owner take the plunge. The more energy efficient your building is, the less you (and your tenants) will pay for heating and powering it.
When leaving your home for a long holiday, you want to reduce your property’s energy usage so you are not paying for unused electricity or gas. The same principle applies to your empty commercial property.
Here are some ways to keep energy costs down:
From carrying out energy efficiency upgrades to conducting regular inspections, there are plenty of ways you can save money on your vacant commercial property.
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