It is often thought that higher property value is a product of attractive building appearance or impressive amenities, but that isn’t necessarily the case. The building systems behind it all are in fact what has the greatest impact on value. Not all building owners keep well-maintained properties, and with that comes expenses which can result in a decrease in property value.
When the fabric of the building is not well-maintained warranties may become void which also affects the property value. Facilities management covers various areas of maintenance, all of which participate in ensuring a property keeps or improves its value over time. Maintaining a building to a high standard through planned maintenance will help to ensure that building systems are running efficiently and are kept in good condition, all of which can increase property values. Here we will discuss just some of the ways facilities management can help to increase the value of your property.
A planned maintenance schedule will help to ensure equipment such as air conditioning units continue to work efficiently and remain in good condition. Regular maintenance checks will help to identify any potential issues before they escalate and result in breakages or larger repairs which can be costly and time consuming.
By not staying up to date with the maintenance of building systems, there can be detrimental effects on the property value. Warranties can become void; breakdowns can occur, and expenses can be incurred; all having a direct impact on the property value.
Another important factor in maintaining or improving property value is ensuring your building remains compliant with laws and regulations.
There are a variety of different laws which affect a various areas of a property, from ensuring water systems are kept free from legionella, to keeping up to date with electrical testing; as there are many different types of legislation ensuring you are compliant with all the necessary laws and regulations can be a challenge. It is therefore beneficial to employ a compliance maintenance team, who will regularly conduct inspections and repairs as necessary to ensure the building remains compliant. By ensuring these compliance checks take place, you will be able to avoid any legal battles relating to compliance issues, and reduce the likelihood of your property being deemed unsafe which will result in a reduction in value.
We all know the building exterior is what makes the first impression, so although the appearance is not what gives a property its final value, it is still important to consider. There are a variety of things which can impact on this such as ensuring small repairs to the building exterior are completed, landscaping is completed as necessary and the overall cleanliness of the building is of a high standard.
Safety is of great importance when considering the value of a building as if there is anything in your property which could be deemed a safety risk, it automatically decreases the value.
There are various maintenance checks which should be conducted regularly to ensure the safety of a building, from ensuring the roof is in good condition to making sure gas and electrical systems are compliant and safe. Having a planned maintenance team on hand to help with this can make your life a lot easier and help to make sure you are in keeping with safety regulations.
Having a facilities management team at hand to help with planned maintenance, reactive maintenance and compliance maintenance all helps to ensure the value of your property is improving and that standards are being upheld. Contact MSL for more information on facilities management.