Unless you are actively engaged in the real estate industry, you may not have a complete understanding of the importance of property values. You may also think property values are something that only homeowners worry about protecting or enhancing. However, the concept is equally important for commercial properties, and asphalt paving is an economical way to improve your commercial property values.
What Affects Commercial Property Values?
The value of a commercial property depends on numerous factors, some of which are also factors that affect the value of a residential property. Real estate professionals often separate these factors into market values and assessed values. In simple terms, the market value is what the property should realistically sell for, while the assessed value is the basis for calculating property taxes. However, there is some overlap between market and assessed values. The following list explores the most critical factors that can affect the value of your commercial property.
1. The size of the parcel or lot matters. It also matters whether the land has been improved by landscaping or paving contractors. If much of the parcel consists of raw land, the value of the property can be reduced.
2. The size and condition of your building and other structures can play a significant role in your commercial property values.
3. The current supply and demand for comparable properties will also play a role in commercial market values.
4. Location is another important factor. The property’s proximity to transportation, jobs, amenities, and other necessities or attractions can have a significant impact on your property values.
5. The aesthetics of your property can also affect its value. This is what real estate agents often refer to as curb appeal, but it is extremely difficult to quantify. Curb appeal helps create a perception of your overall business. For example, if you have a worn-out pavement that is in dire need of an asphalt overlay, people could perceive that your business is in financial distress. This could result in lower offers if you are selling your property, or it could make it more difficult to secure tenants at your asking rates.
How Does Asphalt Paving Impact the Factors Related to Commercial Property Values?
Even if you have no current plans to sell your commercial property, it would be wise to protect its value or improve it. Buyers and investors will calculate their total costs against their potential rewards.
1. If you hire an asphalt paving company to install a parking lot, for example, your property value increases because you have improved your parcel. However, that gain in value could be lost if you neglect your asphalt maintenance and allow your parking lot to deteriorate.
2. If your business requires you to attract and retain tenants, you need to provide them with a safe, welcoming environment. Asphalt paving companies can install a variety of pavements, including walkways, parking lots, and recreational amenities, to help you do just that. After your paving contractor in Chicago installs your pavement, however, you want to be proactive about your asphalt maintenance to protect your property values.
3. Your curb appeal sends a message to potential tenants, customers, investors, or buyers that you provide a valuable service or product. They will see you as someone who pays attention to the details, takes pride in your operation, and cares about others.
How Should Asphalt Paving Be Maintained?
If you hire an experienced, trustworthy asphalt paving company to construct your pavement, you should take your contractor’s advice on how long to wait before opening your new pavement to traffic. The waiting time will be brief, but it can make a world of difference to the health of your pavement. Once your pavement is open, you should follow an effective asphalt maintenance plan.
1. Sealcoat your pavement as soon as the asphalt has cured. Paving contractors usually recommend sealcoating new pavements three to four months after installation. However, because there are several factors that can affect the waiting time, you should ask your paving contractor in Chicago to advise you.
2. After an initial sealcoating, plan to reapply the sealant about every two years. Your asphalt paving company can recommend the precise interval for your specific pavement.
3. If cracks develop, have your asphalt maintenance contractor repair them as soon as possible to prevent water infiltration. Plan to have your contractor locate and repair significant cracks at least once a year.
4. Inspect your concrete curbing annually. If issues are noted, address them promptly.
5. Depending on how you use your pavement, plan to install an asphalt overlay every 10 to 15 years to return your pavement to like-new condition.
6. Keep your pavement clean. Remove leaked vehicle fluids, trash, tree sap, dead leaves, and other debris regularly.
Black Hawk Paving specializes in commercial asphalt paving services for clients in the greater Chicago area. Our services include asphalt paving and repair, asphalt overlays, asphalt milling and grinding, asphalt sealcoating, hot crack sealing and routing, concrete flatwork, concrete curbing, car stops, excavation and site grading, parking lot striping, sewer repair, pavement markings, traffic signage, and asphalt fabric installation. We serve commercial, industrial, national, and municipal clients. We have earned an impeccable reputation for high-quality workmanship and exemplary service. If you would like a free quote, you can submit your request by filling out the online form, calling 708-479-0400, or emailing Info@BlackHawkPaving.com.
