If you look up the definition of capital as it relates to a business, you will find that it is a rather broad term that is often used as shorthand for anything that provides delivers a benefit or value to the stakeholders. Although many people associate the term with just the company’s monetary holdings, capital assets can include intellectual properties, factories, patents, machinery, and other holdings. Fewer people are as familiar with the concept of capital improvements than are familiar with the broader category of capital assets. One clue to help you differentiate between the two is that you are much more likely to need an Austin paving company for a capital improvement project than you would for a typical capital asset project.
Why Might I Need an Austin Paving Company for a Capital Improvement Project?
As defined under the federal tax code, capital improvements meaningfully transform a property to add significant value or extend its useful life. A capital improvement is a permanent feature that would cause damage to the property if it were removed. Certain additions or modifications to an existing building can qualify as capital improvements, but there is a fine line between routine repairs and improvements. In the Austin area, capital improvement projects will more likely involve installing, adapting, or restoring fixtures on the land surrounding existing buildings. This is where securing the services of a trustworthy local Austin paving company will become vital.
What Are Some Examples of Capital Improvements That Might Require an Austin Paving Company?
If you take a look at various office parks, factories, apartment complexes, shopping centers, or other business environments, you will notice that they have many things in common. Some of the similarities probably include sidewalks, parking lots, driveways, and curbs and gutters. Depending on the nature of the business, there may also be ramps, loading docks, walking trails, or sports courts. In most cases, the construction of these features would qualify fall under the capital improvement category, but routine maintenance and repair procedures would not. However, reconstructing the features to return them to like-new condition might. It is also likely that Austin paving services to extend the size of the pavement, increase its strength, adapt it to a new use, or prolong its useful like could also qualify.
What Are the Critical Qualifications an Austin Paving Company Needs for a Capital Improvement Project?
In essence, there is no difference between selecting Austin paving contractors for capital improvement, routine repair, or preventive maintenance projects. Ask for and verify references, pay attention to the contractor’s ability to communicate with you, and get everything in writing. However, due to the size and expense of a capital improvement project, it is wise to be even more diligent when comparing Austin paving companies.
1. First and foremost, you want an Austin paving company with a proven record of successfully executing capital improvement projects. By their very definition, capital projects tend to be large, complex, and lengthy.
2. Capital projects also require contractors with substantial resources. Look for a local Austin paving company with the right heavy equipment, sufficient staffing, and the financial stability to see your project through to completion.
3. Trustworthy Austin paving contractors will have valid general liability and workers’ compensation insurance policies. They should also have vehicle liability insurance, and it is highly desirable for a local Austin paving company working on a capital improvement project to have an umbrella policy as well.
RDC Paving is a well-regarded concrete and asphalt paving company serving the greater Austin area. We offer an extensive range of Austin paving services, including asphalt repairs, asphalt paving, parking lot striping, asphalt overlays, ADA concrete features, asphalt milling, concrete repairs, asphalt sealcoating, parking lot maintenance plans, and asphalt crack repairs. In addition, we install asphalt driveways, concrete parking lots, concrete driveways, concrete sidewalks, and concrete ramps. We are known for our outstanding service, extraordinary workmanship, and impeccable professionalism. You can request a free quote by calling 512-920-9155, submitting our online form, or emailing Ryan@RDCPaving.com.