Can Your Parking Lot Increase Your Property Value?
Thinking about a parking lot addition to your property, but don’t know if it’s a smart real estate investment? Something as simple as a well maintained parking lot can increase the value of your property for years to come.
Let’s look at the different ways a parking lot can increase your property value.
5 Ways Your Parking Lot Can Increase Your Property Value
Make a Great First Impression
A parking lot is often the first thing customers or potential buyers see from the street or the curb. It gives buyers or patrons the opportunity to judge the building before they even see it. If your parking lot is an out of date eyesore, it could scare people away.
If your parking lot is unusable, then people will either have trouble accessing the building, and will have an unsatisfactory experience before they see the rest of the property.
A good first impression will improve customer or buyer satisfaction and bring in potential business, while a bad first impression will be hard to remedy.
Enhances the Appearance of the Property
A well maintained parking lot lifts people’s overall expectations of the business and the property. When they feel they have a safe and inviting place to park, they are more likely to feel comfortable with visiting the location. They know that you value your property and put in effort to maintain its appearance.
If customers see that you take pride in your property, they will have increased confidence in the ability of your business. Additionally, potential buyers will be impressed by the amenity of a well kept parking lot, and will have an increased desire to purchase the property. Any work that you put into your property now, is a cost that future buyers will not have to worry about for themselves.
Access to Property
If your property does not have a parking lot, or the parking lot is unusable, people will not know where to park in order to access the property. This means that people will need to drive around, searching for roadside parking, and may have to end up having to park far away. Parking is a limited commodity, so people will be pleasantly surprised that they have a convenient and safe place to park.
As your parking lot is an extension of your property, you are liable for any damages or injuries that incur. For example, if a customer falls and injures themselves due to a pothole in the pavement, you are liable for this injury. By maintaining your parking lot and repairing damage, you are decreasing the chance of any injuries or damages that may happen. Buyers will be pleased that they will not have to potentially face any liability issues like this in their future.
Long Lasting Investment
Asphalt is incredibly long lasting and low maintenance. If you take the time to monitor your parking lot for damage and carry out minor repairs, your asphalt can last well over two decades. This investment will pay off over time by increasing property value, attracting buyers and pleasing customers. Buyers will be impressed with the time and money you spent to install and maintain the parking lot, making their life easier when they purchase the property.