Renovating a parking lot for ADA compliance may feel like an unnecessary upgrade; however, there are usually many benefits. Here are five reasons to make the change.
1. Gain an Advantage Over the Competition
In business, every advantage counts. Having an ADA-compliant property could determine if a customer visits your business or a competitor’s. That lost revenue can add up over time.
2. Receive Tax Credits
You could offset some of the cost of upgrading your parking lot through tax credits and deductions. Generally, the IRS allows businesses with under $1 million in revenue or fewer than 30 full-time employees to claim a tax credit on 50 percent of expenses, with a maximum tax credit of $5,000. Additionally, all businesses can claim a $15,000 deduction each year on alterations and barrier removal. Because of the intricacies of the tax code and your unique situation, please review with a professional accountant to see if you qualify.
3. Improve Property Value
You may never know when you outgrow your current location. A business that buys your renovated property can already have an ADA-compliant parking lot. By investing in compliance, you could increase your property value.
4. Renovate on Your Terms
All new construction, including modifications and alterations, should be ADA compliant. You could find yourself in a situation where your parking lot is damaged. To make repairs, you would likely have to ensure your parking lot met the ADA standards. Renovating on your own timeline can avoid this issue.
5. Cultivate Community Pride
Having a facility that is accessible to all people regardless of disabilities can improve your community. Investing in an ADA-compliant business is something that both you and members of your community can be proud of.
With over 25 years of experience, NVM Paving & Concrete can renovate your parking lot so it’s in compliance with the Americans with Disabilities Act. Doing so can help you gain an advantage over your competition, receive tax credits/deductions, improve property value, upgrade on your own terms and cultivate community pride. Give us a call today at (703) 372-9335, or complete a contact form and our team will be in touch!