Parking lots convey many benefits to your rental property. If you already have a parking lot, chances are it’s paved in asphalt. How good of condition is your asphalt? If it’s showing cracks and potholes, you should look into a resurfacing project. This process involves taking off the top layer of the lot and applying a fresh coat of asphalt.
Below are the benefits of having your rental property’s parking lot resurfaced.
Increase the Curb Appeal of Your Property
A parking lot full of potholes and cracks is unsightly. Usually that asphalt is faded, too. The parking lot has a direct impact on the overall look of your rental property. So, if it’s unsightly, the look of your property may suffer.
Attract High-Caliber Renters
A parking lot that’s in disrepair may be a red flag to potential renters. They may think you’re not committed to the maintenance of your property and look elsewhere. What’s more, renters with nice cars won’t want to risk their tires and suspension on the uneven pavement. If you have a newly resurfaced lot, though, you might be able to command a higher rent.
Make Money in Rental Fees
If your rental property is located in an area with little street parking, you may be able to rent out spots to your tenants. Indeed, you may already be doing so. However, if the lot is dilapidated and puts their car in danger, your renters are unlikely to want to spend a lot of money on the spot. If you resurface the lot, you may be able to charge a premium rental fee.
Create Clear Parking Lines
When the surface of your parking lot is in poor condition, you’re unlikely to be able to see the paint lines very well. Therefore, your tenants may park wherever they’d like, or they may simply not know where the spot ends. They may end up in quarrels as a result. Once you’ve resurfaced the parking lot, you can repaint the lines so the spots are clearly delineated.
Avoid Claims of Liability
As a landlord, you’re responsible for ensuring the building and common areas are safe and up to code. This responsibility includes the parking lot. If one of your tenants trips and falls on the uneven surface of the lot, they could be injured. This could lead to a claim against your insurance because you’re liable for the state of the lot.
Increase Parking Lot Lifespan
Asphalt surfaces can last up to 12 years. They will start to deteriorate, though. Standing water and the freeze-thaw cycle make issues such as cracks and potholes worse. As part of asphalt resurfacing process, the pavers fix any deep cracks or potholes before applying the new coat of asphalt. Therefore, you can extend the life of your parking lot.
Save Money Against Replacement
As noted, you shouldn’t leave a parking lot in disrepair because it will cost you potential renters and invite insurance claims. So when your parking lot has failed completely, you’ll have to pay to have it removed and a new one installed. That necessary process comes with a much higher price tag than resurfacing, which can stave off this expense by extending your lot’s life.
Boost Property Value
You may not be in the market to sell your rental property. However, as a property owner, you want its value to stay high or even increase. For all of the above reasons, that goal will be difficult with a rundown parking lot. In the same vein, a newly resurfaced parking lot can increase the value of your rental.
Take good care of your rental property by having the parking lot resurfaced. Contact Pinnacle Paving & Sealing to discuss your asphalt-resurfacing project.