What many may not realize is that an empty lot can be a great investment. Many purchase a lot with plans to eventually build some type of building on it. One thing that investors should consider is building a parking lot instead. Parking lots are a great way to generate regular income and can be very profitable. They are also a great investment in highly populated areas where there is a lot of traffic. Here are three tips for turning an empty lot into a parking lot.
Check The Zoning
Before even breaking ground on a parking lot it's important to check local zoning laws. Zoning laws are what determines land use in certain areas. Zoning laws often divide areas into residential, commercial, and industrial zones. Oftentimes things it's not possible to build parking lots in certain zones, especially residential ones. Getting the right permits for building a parking lot are the first step. It's also important to factor in the cost of permits into the budget for the parking lot. Each city charges a different amount but the cost of permits can add up.
Invest In High Quality Materials
When it comes to parking lots, materials that stand the test of time are key. Around 85% of all parking lots in the US are made of asphalt and for good reason! Asphalt is durable, flexible, and can even be recycled. The cost to build an asphalt parking lot is dependent on a variety of factors including how large the lot is, the location, and how level the surface is. The average cost of a 50,000 square foot parking lot is between $1.25 and $1.50 per square foot. Investing in high quality asphalt and using a commercial asphalt service will ensure that the parking lot is built to last and to stand up to being used on a daily basis.
While a parking lot can be a great source of income, it does take some money to maintain. The average cost to sweep a parking lot is around $80 and is something that needs to be done regularly in order to keep the lot free of debris. Snow can also be a big issue. Snow removal can cost between $100 and $300 per hour. These services are necessary in order to keep the asphalt in good condition. The cost of asphalt repairs can also add up over time. Owners of the lot should consider the cost of maintenance before building a parking lot.
Turning an empty lot into a parking lot can be a great way to make extra income. However, it's important to keep a few things in mind before starting the project. First, zoning laws can stop construction before it even starts. Material for the parking lot is important, with asphalt being a great choice. Finally, it's also important to factor in the cost of maintenance when building a parking lot. For more information, contact contractors like Riggi Paving Inc.