Elevators make up an important part of any commercial property, providing a safe and efficient way for guests to move around your building. They can also have a big impact on your property’s overall value. Got old or outdated elevators? Planning for a commercial upgrade can give your property value a boost as well.
Check out these factors to consider when you plan an upgrade and heed these tips for maximizing the ROI on your investment.
Why Upgrade Your Commercial Elevator?
Here are some top benefits to upgrading your commercial elevators:
- Increased safety: Newer elevators are built with the latest safety features, reducing the risk of accidents.
- Improved efficiency: Updated elevators are more energy-efficient, saving you money on energy bills.
- Reduced Downtime: Upgraded elevators have less of a chance of breaking down so you can expect to spend less money on maintenance and repairs.
- Increased accessibility: Modern elevators are more accessible for those with disabilities.
- Better curb appeal: Newer elevators offer a modern and updated look so you can attract higher paying tenants and customers.
- Increased Property Value: Investing in your elevators will increase the overall value of your property.
What to Consider When Planning a Commercial Elevator Upgrade
Think about these factors before planning an upgrade.
- Building size and age: This will determine the type of elevator you need. A large office building, for instance, will need a different type of elevator than a boutique store.
- Number of passengers: You will need a larger elevator to accommodate a high volume of traffic, and vice versa.
- Budget: The cost will depend on the type of elevator you want as well as the size of your building.
How to Maximize ROI on Your Investment
Here’s how to make sure you get the most ROI on your elevator investment:
- Select the right type of elevator to suit your needs.
- Get multiple quotes from reputable elevator companies before making a decision so you can get the best possible price.
- Consider phased modernization: If you can’t afford the cost of a full modernization, go with a phased approach. You could upgrade the components and systems in stages over time to spread out the cost and minimize disruption to tenants.
- Explore financing options: Don’t have enough cash on hand? Consider financing options so you can make necessary upgrades now and amortize the costs over time to ensure everything stays within your budget while meeting company goals.
Contact Mowrey Elevator
Ready to take your elevator to the next level with a commercial upgrade? We have all the elevators and accessories you need to make it happen. Get in touch with our team and contact us today to get started on the best possible design for the best possible ROI.