If you own a rental property, whether a single-family home, a 4-plex or an entire apartment complex, you want to find and retain satisfied tenants. The livelihood of your investment depends on this. A great way to impress people is by having your driveway and parking lot paved with fresh new asphalt. Here are 4 ways that a new asphalt surface for your driveway or parking area will improve your bottom line and help you save money.
Lure Potential New Tenants
The first impression is the best one, and one way to lure new tenants is with a perfectly smooth, new asphalt surface in your driveway or parking lot. Potential tenants driving by will notice your attention to exterior maintenance and are more likely to inquire about renting your property. Keeping vacancies filled cuts back dramatically on your vacancy costs, helping you save money.
Make Your Current Renters Happy
An updated property is a property tenants are happy to call home, and keeping them happy reduces the likelihood of high renter turnover, which saves on vacancy costs. Also, a well maintained lot is safer when it's free from potholes, large cracks or loose chunks of paving. This lessens the chance of vehicle damage and fewer instances of tenant and visitor injury from trips and falls.
Collect a Return on Your Investment
If your parking lot is well-maintained, safe, and updated, you have the opportunity to increase rent, which allows you to collect a valuable return on your investment. You can make that paving last for years and further extend the affordability of the asphalt over time by budgeting and sticking to an asphalt maintenance plan. This includes filling cracks from freezing and thawing and other treatments that help lessen damage from the harsh rays of the sun.
Property Value Increases
A new asphalt parking lot or driveway boosts the curb appeal of your property. By improving the exterior of your building or property, you increase the value of your property up to 5%. If you ever decide to sell your investment property, that new asphalt surface will be a big selling point. Potential buyers will love the look and extended life that asphalt lends to a property.
A new asphalt surface at your rental property will lure potential tenants, keep your current tenants happy, give you a valuable return on your investment and increase your property values. Talk with contractors at a company like Premier Asphalt Paving CO to learn more ways asphalt can help you save money.