New Asphalt: Does It Increase Property Value?

Upgrading your parking lot or driveway is one of the main concerns you as a property owner or facility manager have to grapple with from time to time. One thing that's not in doubt is that these areas are crucial parts of your property. You, your employees, visitors, tenants, and other stakeholders use them several times every day. Besides, the state of the driveway or car park gives the first impression of your space to visitors and would-be buyers. Paving it with new asphalt is a perfect decision that not only presents a pristine and smooth appearance but also causes your property's value to shoot up. 

Copy of Park Vue Inn; Anaheim (21-130) IS (7)

(Park Vue Inn, Anaheim)

Does New Asphalt Increase Value?

Any meaningful touching up on your property counts and even increases its value. The addition of new asphalt to your driveway or parking area is one way of sprucing up your space. This is because dirt or gravel driveways are messy; they cause dust to build up when you drive on them. This dust finds its way into your property's interior and also coats vehicles together with the outer part of your building; dirtying everything it settles on.

Evidently, an asphalt driveway and parking lot add to the aesthetic appeal of the neighborhood. If yours is more recent or the only new asphalt driveway, it becomes conspicuous. This boosts its value and makes it sell faster if you intend to dispose of it.

New asphalt is a sure way of boosting curb appeal, which is an important aspect of real estate. That first positive impression your driveway and parking lot create make all the difference to a potential buyer. It may influence a speedy sale of your property at a better price.

Yet, if you're not selling in the immediate future, investing in new asphalt grants you personal satisfaction given that your property's value will go up.  Additionally, this upgrade will display your style, class, and personality; qualities that the majority of individuals gravitate towards.

How New Asphalt Increases Property Value

New asphalt revitalizes your property's appearance by showing that you care about an all-rounded environment, that is, both the interior and the exterior of your building. Here's how it further ameliorates its value.

1. Durable and low maintenance

Even though concrete driveways last long, they are affected during the winter as they tend to crack. However, new asphalt driveways can last 20 to 40 years with minimal maintenance (mostly it's just resealing) every three to five years.

2. Safe ground

People love harmless spots for their visitors, employees, and vehicles. New asphalt provides such a place as your cars are safe, and you don't have to worry about damage from loose rocks or pebbles. If yours has new asphalt, it will attract more people if you're selling it, and this may elevate the value. Similarly, visitors, clients, tenants, and other stakeholders will be fascinated by your safe parking lot.

3. Environmentally-friendly

Asphalt can be used sustainably and re-used on pavements, which saves taxpayers their hard-earned cash. Environmentally-conscious people are drawn to asphalt because it is 100% recyclable. Compared to other pavement materials, asphalt is better as it needs 20% less energy during production and construction.

4. Weather-resistant

Asphalt rarely cracks during the freezing and thawing period. Also, when heavy road salt is applied to get rid of snow, it does not deteriorate asphalt as it would concrete. It is a preferable choice because both ice and snowmelt are much faster on it than on concrete. Likewise, asphalt is stain-resistant; an attribute that helps preserve an alluring look of your property all through.

Additional Maintenance Services That Can Increase Property Value

If you already have an asphalt driveway or parking lot, you can promote its appearance by power washing it every once or twice a year, sealing any cracks, and resurfacing it every five years or so. An asphalt driveway is easy to repair if the issues are minor, since you only need to fill cracks, seal any chips, and seal coat affected parts. This is not the case with cobblestone, concrete, or gravel driveways.

Business complexes can benefit by making some cosmetic improvements to get more attention to them. For instance, accessorize your new or repaired asphalt driveway. You can do this by edging it with colored bricks that either match or contrast your home's exterior. Another way to adorn your asphalt driveway is by planting bushes, shrubs, or flowers along its edges.

You can also consider repaving your parking lot. Such minor alterations go a long way in magnifying curb appeal, making your property irresistible as well as more valuable.

Other Property Maintenance Ideas to Enhance Value

Real estate is prone to wear and tear, which results in depreciation; but with some TLC, you will protect your investment, generate cash, and increase its value. Your property's exterior speaks volumes and offers a first chance to make the best impression. It is advisable to maintain and improve its appearance as much as possible. Here are more ways to augment value through exterior upgrading that will go hand in hand with the new asphalt driveway and parking lot.

  • Revamp your landscape, for instance, by laying new pavers, maintaining a healthy lawn, upgrading the flower beds, trimming bushes or shrubs, installing a water feature, and planting trees.
  • Replace your roof, which raises the home resale value by almost $12,000 according to Value Report and lessens maintenance hassles.
  • Add more amenities to your industrial or commercial property. This includes extra services like fitness, cafe, and functional outdoor meeting/events space.
  • Paint the exterior as it takes care of faded paint, chipped stucco, and peeling paint, hence improving the curb appeal and increasing the home's value.
  • Conduct regular window cleaning to improve the overall appearance of your home. It sends a message to visitors and would-be buyers that your property is properly maintained.

Key Takeaway

New Asphalt is your ideal choice either for a driveway or parking lot as it is cheaper than concrete, more durable even in unpredictable weather, and flexible enough not to crack during winter. Best of all, it pushes your property's value up, which enables faster selling or consistent income from your tenants.

Are you planning to have a new asphalt project? We can help. Contact us, Empire Parking Lot Services, at 714-633-0300 today to have our competent team assist you with your upcoming asphalt repair project. We also install asphalt parking lots or driveways to your satisfaction.

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