Your parking lot or driveway is more than just pavement and paint. It can have real financial benefits, particularly in cities and other areas where good parking is a hot commodity.
What is the value of a parking space? Learn how great parking can impact the value of your home or commercial property.
How Your Parking Lot Adds to Your Commercial Property Value
Did you know your parking lot can help add -- or subtract -- value for your commercial real estate? One of the features that can impact the value of a business's property is the type of parking that’s available. There are three main ways your parking lot can impact your commercial property value.
Add Square Footage
Adding more square footage to your commercial property can help improve its property value. One simple way to improve your square footage is by adding external features such as parking spaces.
Allow for Ease of Access
How easy it is to access a commercial property can impact its value. This includes how simple it is to make both left and right turns to enter or exit the property. Because of this, ensuring that your parking lot is easy to get in and out of may impact value.
Invest in Maintenance and Upgrades
If your lot badly needs resurfacing, it could impact your property value negatively. Conversely, improving the appearance of your commercial property's exterior can also boost your property value and parking upgrades as a great way to do this. Consider restriping faded paint and other improvements.
How Off-Street Parking Adds to Your Home's Value
Easy access to great parking doesn't just contribute to your business's property value -- it can be a benefit to your residential real estate property as well.
Avoid Street Parking
For homes in cities where parking is a rare commodity, properties with off-street parking can often reflect that with a higher list price. People are often willing to pay to have their own driveway or garage.
In suburban neighborhoods, however, buyers expect to have parking at their home, as garages and driveways are the norm in these neighborhoods. Because of this, if your home doesn't have great parking the price point to sell it may need to be lower.
Brush Up Your Curb Appeal
Because street parking can be a detriment to a neighborhood's overall curb appeal, having street parking only can impact the value of your home and others on your street. Likewise, a cracked or damaged driveway that badly needs repairs can also detract from your home's value.
Ready to invest in better parking? Whether you're repaving your driveway or restriping a parking lot, JV Lucas can help you stay on top of vital asphalt maintenance. Get a free quote.