Can Parking Lot Paving Boost the Resale Value of My Business?

parking lot paving

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There are more than 32 million small businesses currently operating in the United States. No matter what industry those businesses are in, they all share a common goal: growth.

Growing your business means thinking about your company’s future and the larger you get, the more likely you are to need to relocate. Selling a building is always easier when the property is valuable and has features that prospective buyers actively look for.

Believe it or not, one of the easiest ways to increase your property’s value is with parking lot paving. Here’s what you need to know.

Parking Lot Paving Makes the Property Accessible

The easiest way to increase property value is to make your business accessible to anyone who may want to access your building. This includes customers, clients, employees, and maintenance contractors.

When there’s not enough parking for people or they have to struggle through a gravel or dirt lot, it makes your property less desirable. This, in turn, makes it less valuable.

When people look for commercial buildings to move to, they actively search for properties that will appeal to their customers. If their customers can’t access the building easily, they’ll keep looking for a different property.

Paving your lot shows that you value the experience people have at your business. When prospective buyers tour the property, they’ll see that you share their values and have gone to the trouble to maintain accessibility at all times.

Shows You Care About the Building

Believe it or not, your parking lot is the first thing people notice about your business. When it’s in good condition, it inspires confidence in your company and the services you provide. When it’s in disrepair or you have no parking lot to speak of, it shows that you’re working with incredibly limited resources.

This can leave people questioning their decision to support your company, but it can also hurt your property value.

When a parking lot is in disrepair, the future buyer has to assume the cost of all repairs. This means they’ll be less willing to pay your full asking price for the property. Worse, it may leave them questioning how well you’ve taken care of the rest of the property.

You want buyers to have confidence in your building. When they do, they’ll be willing to pay more for the property and won’t feel the need to haggle you down as low as possible because they’re worried about ongoing repairs.

Helps Reduce Liability

Business owners are liable for everything that happens on their property. If someone gets injured walking across a gravel parking lot or their car gets damaged by a pothole, it’s up to you to cover their expenses.

Paving a parking lot helps reduce your liability as well as the liability of any future property owners.

Instead of having to worry about people spraining their ankles or getting flat tires, you can focus on better meeting their needs. Even better, your business insurance provider may offer you savings on your liability coverage since you’ve decreased your risks.

The lower your liability is, the safer your property will be. This means it will also be more valuable and more marketable should you decide to sell in the future. Buyers love properties that require less work to bring up to their standards.

The more you can take care of while you’re using the building, the better off you’ll be.

It’s Affordable and Easy to Maintain

Ease of maintenance may not seem like a great way to increase property value, but it can make all the difference when you’re trying to attract new buyers. Pavement is incredibly easy to maintain as long as you stay on top of those repairs.

When you patch cracks and fill potholes, you’ll keep your parking lot in great condition throughout the year. And if you stay on top of repainting the lines and barriers, you’ll end up preserving the parking lot for years to come.

The actual repairs themselves are affordable and take very little time, saving you money on your maintenance budget.

All of these factors make your property an attractive option for prospective buyers. The less they have to actively maintain, the more money they’ll have to invest in their company’s growth. This will make your property stand out from others in the area.

Helps You Stay in Compliance

According to the Americans with Disabilities Act, your business must have accessible parking spaces that make it easy for individuals with disabilities to get into your building. For parking lots with fewer than 50 spaces, you’ll need to have at least 2 accessible spaces to be in compliance.

If you’re not in compliance, you could be subject to fines if anyone reports your building as an issue.

Paving your parking lot helps make it easy to be in full compliance while also making it simple to expand those accessible spaces in the future. This makes your property more valuable as future owners won’t have to modify the lot to meet legal requirements.

In the meantime, you’ll show your customers that you value their support and are willing to accommodate their needs whenever possible.

It Lasts for Years

Asphalt is one of the longest-lasting parking lot paving materials on the market. With regular care and maintenance, it can last well over 20 years. Future buyers actively look for durable materials that can reduce their upkeep costs over the years.

The longer the pavement lasts, the more money they’ll save, making your property more valuable than those without a paved parking area.  

Ready to Explore Your Options?

Parking lot paving is a wonderful way to increase your property’s value, lower your maintenance costs, and make your space more accessible. If you’re currently dealing with a gravel lot or have a parking area that’s in need of extensive repairs, don’t put them off.

Schedule an estimate and get your parking lot back into shape quickly. Our team will make sure your lot looks great and can withstand the daily wear and tear without issue.

Contact us today to make an appointment and to discuss your business’s paving needs.

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Dan Kirksey
Dan Kirksey

Dan is an asphalt paving contractor and has been helping business owners and homeowners with their asphalt and concrete projects throughout Maryland for over a decade.

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