How much do parking lots cost?

parking lot paving

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parking lots paving

When we want to make a parking lot we want to know the cost for its work. We want to know the total estimate of cost so that we should start work for paving our parking lot or not. So in this discussion, I will explain the way you can get an idea about the cost required for the parking lot, but not exact cost as the cost is different according to country by country. The cost will be high if you want to use asphalt paving as paving material for your parking lot, and the cost will be minimum if you use gravel for your parking lot but it is not good material.

parking lots paving

Table of content:

  1. How much does it cost to own a parking lot?
  2. Let’s also know the advantages and disadvantages of parking lot operation
  3. After considering the parking lot land utilization well location conditions

How much does it cost to own a parking lot?

Some may wish to run coin parking on their own. Although the initial cost will be incurred for the installation of the settlement machine, lock board, loading/unloading bar, etc., all subsequent revenue will be the owners.

3000 $ to 5000$ per setter (depending on type and number)

However, if you are a self-employed person, you have to do everything such as attracting customers, operating, troubleshooting, etc. If you are a beginner, you should not take your hands unless you can expect income with a very high probability. It will be safe.

If you leave the management only to the asphalt paving contractor, it is said that a management fee of about 300 $ to 500 $ is required per month.

Let’s also know the advantages and disadvantages of parking lot operation

Merits

You can read the merits of parking lot operation here as merits of parking lot management

Demerits

Of course, there are disadvantages to running a parking lot. Here are some typical ones.

(1) The parking lot may not fill up

It may also depend on the location, but even if it is on a monthly basis or coin-operated, if there is no user found there is, of course, no income, there is a possibility that you will not hesitate.

In addition, some of the coin parking operators, when they outsource the land and outsource the management, may pay a certain amount of compensation monthly regardless of the presence or absence of the user.

(2) There is not much profit because the initial cost is small

Instead of less risk, there is not much in return. Even if the car gets full, it may be a fairly stable income, but it is better to think that you cannot expect a large income.

(3) Tax savings cannot be expected

As explained in the item of merit, it can be a measure against inheritance tax, but almost no tax saving effect can be expected for taxes such as property tax, city planning tax, income tax, and residence tax.

If the house was built before the parking lot, it will be out of the scope of mitigation measures such as property tax by storing it, so keep in mind.

After considering the parking lot land utilization well location conditions

In the land utilization after dismantling construction, I think that it is certain that it is the easiest and quick method to make it a parking lot. In the past, there was an example of a customer who built it at our company, dismantling the house where the parent lived, and making it a parking lot for rental where eight cars can be parked. The location is in the city and there are few parking lots in the neighborhood, so it’s filled up quickly and still has a stable income even now.

If you want to use a parking lot for rent, it is still a keyword to say “a good location”. There are no borrowers in the mountains. There are many other than land utilization after dismantling and parking lot.