If you have plans to sell your property in the future, you should think long and hard about having a Lakeland parking lot paving in it. While a parking lot improves the value of your property, it should be properly maintained so that it won’t negate whatever value it adds in the long run. Technically speaking, land is not categorized as depreciation expense because it is infinite, but features such as a parking lot or driveway have a finite life unless they are taken care of properly.
Do Potential Buyers Want a Parking Lot?
Yes, they do. In a nutshell, if potential buyers want to continue renting out your commercial complex, they would appreciate it if it has an already existing parking lot. That’s one less problem they have to face. Customers and clients want buildings to have parking spaces for their vehicles. Even a five-car parking lot would do your rental space good.
So, does it add to the value of the property? Are buyers going to offer you more for the property if it has a parking lot? Not exactly. If you’re selling your property for $200,000, for example, potential buyers won’t offer you $50,000 more for it. However, they may be willing to pay that $200,000 no questions asked. If they do ask for a discount, they know they can’t ask for too much because of the existence of the said parking lot.
You can also use your Lakeland parking lot paving as the selling point of your property. You can advertise the parking lot, especially if it is well-maintained. The parking lot can be at the core of your marketing strategy. Your real estate agent can guide you on how to best advertise your property using the parking lot feature as one of its strengths.
How to Maintain the Parking Lot Properly?
But the strength of the value of your parking lot hinges on whether you’re able to maintain it properly. How do you do that? By taking an active approach to checking and monitoring the lot for anything that could start a bigger problem. A crack or a pothole on the surface layer? Repair it immediately. Sealcoat the surface layer every two to three years. Make sure water isn’t getting through the pavement to weaken the sub-base layer below.
Check your drainage system. Is it clogged? Because if it is, there’s a good chance that water could be crippling the durability of the Lakeland parking lot paving underneath.