When you think of updating your facility, you probably think about how much money it’s going to cost you. But why not think outside of the box and consider how much money it can save you—or even how much money it can make you? When you take the latter approach to renovating your facility, you can turn an eye toward getting the biggest bang for your upgrade bucks instead of looking for ways to avoid spending them.

From a money-saving perspective, there are at least three good reasons why you might consider facility upgrades. If you have a leaky roof or other obvious maintenance challenges, you may not have much of a choice. Ignoring the issue could cost you a bundle. If you have extra space or extra time, you have plenty of choices. You can reconfigure underutilized space and create new revenue streams. And if you’re preparing to sell your facility to an investor, then making some strategic upgrades could significantly raise the value of your property.

Upgrading a self-storage facility doesn’t always require grandiose plans such as adding a new building, but it may mean more than slapping a fresh coat of paint on the exterior. Either may be a viable option for your property, but sometimes the larger, more immediate payoff is in the middle of the road. Indeed, moderate investments can save you money, generate new revenue streams, or make your facility more attractive to potential investors. Focusing on small issues such as installing new door locks and reconfiguring underutilized space, or on larger projects like security and roof upgrades, can yield substantial rewards in the short and long term.

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