When you’re thinking about the value of your property, the odds are, you’ve already factored in all of the basics. You’ve thought about the square footage. You’ve thought about the location. And you’ve looked into all of the area’s comparable sales. But have you given any thought to your pavement? An unfairly neglected, but crucial part of the equation, your pavement can have a huge impact on property value.
Your Pavement Can Generate Curb Appeal
A great way to increase the interest of buyers is to increase your curb appeal. In other words, when someone pulls up to your property, you want to make a great first impression. That increases the chances of an offer, and in many cases, the value of that offer. In fact, The Journal of Real Estate Finance and Economics found that curb appeal can raise a property’s value by 7%.
Nice Pavement Removes Friction During Negotiations
When someone’s buying a property, they’re just like anyone else. They’re trying to get a fair deal. And in working towards that, they usually do an inspection of the property, then subtract the cost of everything that needs attention from what they’re willing to pay. So, of course, if your pavement is well-maintained, that’s one less thing that they need to worry about financially, which means it’s more valuable to them.
Great Pavement Can Be a Difference Maker
If you think it’s a great time to sell, that means that a lot of other sellers will have the same idea. So, you really want to set your property apart and give buyers every reason to come knocking. Let’s say one property on the market is a fixer-upper, but yours is ready to rock. That gives your property a huge edge and raises its value relative to the competition.
Well-Maintained Pavement Sets the Right Tone
You might’ve heard the old saying, “The way you do anything is the way you do everything.” A lot of buyers will assume the same is true of your property. If they pull up to a parking lot that’s in a state of disrepair, they’re wondering if the rest of the property is in a similar state of neglect. And on the other hand, if your pavement is absolutely flawless, that’s a real tone-setter that works to your advantage.
Your Pavement Can Help Your Appraisal
The appraisal is always a great common language between the buyer and seller, because it’s done by an unbiased third party who’s operating on raw data. And your pavement can definitely stack that data in your favor. A commercial real estate appraisal, for example, accounts for depreciation. So, if your parking lot is in great shape, that’s worth more than a parking lot that’s near the end of its useful life.
A great paving job can be visually appealing, save the buyer undesirable expense, and drive up the appraisal. That all adds up to a higher valuation, higher offers, and more money in your pocket. Black Diamond Paving can maintain, repair, or replace your pavement and, ultimately, increase the value of your property. Give us a call today to see how we can help!