As your property ages, basic repairs and maintenance may no longer cut it for certain features. In order to keep your home or business in good shape, you may need to replace and/or permanently alter certain portions of your property. While these major restorations and additions don’t come cheap, they can significantly increase your property’s value – a process known as capital improvement. According to U.S. tax law, an alteration is considered a capital improvement if it 1) adds significant value to the real property (or extends the real property’s useful life), 2) becomes a permanent part of the real property (i.e., would damage the property if removed), and 3) is intended to become a permanent feature.
All three of the above parameters must be met in order to be considered a capital improvement. As such, considerable care and expertise must be brought to the table whenever a capital improvement project is in order. Here’s why an industrial paving company like Cassidy Paving is ideal for capital improvement projects.
Add Long-Lasting Value to Your Property
There are many ways to substantially increase the value of your property. You might renovate a room, introduce new built-in appliances, add a new area or feature – the list goes on. Extending, installing, and/or enhancing asphalt surfaces (i.e., parking lots and driveways) may also fall under the purview of capital improvement. When installed and maintained by reliable industrial paving contractors, these renovations can last for decades. You’ll have to invest in various repairs down the road, but your industrial paving provider will have established a sturdy foundation that’s built to last.
Asphalt Improvements Benefit Your Property in Multiple Ways
To fully grasp the value of an industrial paving capital improvement project, it helps to consider the many ways such a project can benefit your property. A parking lot paving project, for instance, can increase curb appeal, boost your business’ reputation and safety outcomes, reduce liability, and make things more convenient for employees, customers, and guests. Of course, the extent of these advantages is determined by the scope of the project and the quality of the work itself. As such, it’s important to hire reputable industrial paving contractors when seeking to overhaul your property for the better.
Enjoy a Wide Variety of Paving and Repair Services Under One Roof
Because capital improvement projects can be somewhat difficult to define, it’s crucial to hire an industrial or commercial paving provider that not only understands what qualifies as a capital improvement, but also offers a wide enough range of services to meet these requirements. Simply put, a smaller, less experienced commercial paving company might not provide the types of services or level of resources necessary to constitute real, lasting, value-adding change (minor repairs add some degree of value, but not enough to be considered capital improvements in most cases). The more services an industrial paving company offers, the more they’ll be able to help you with these larger, significant projects. Moreover, working with a single company to oversee several projects will save you time and money in the long run.
Adding Real Value with an Industrial Paving Company
Not every project needs to be so large and significant that it’s deemed a capital improvement. That said, when it’s time to seriously invest in your New England property, you want to work with a company that has the skill, experience, and resources to provide lasting, value-adding change. Cassidy Paving has overseen numerous capital improvement projects for homes and businesses alike. Call us today at 866-978-9788 for a free estimate on your next asphalt project.