Budget considerations vary from property to property and whether or not a parking lot surface has reached the end of its life cycle. It’s quite possible the surface just needs an asphalt maintenance plan. Below are six suggestions to consider for your property’s next paving project.
Asphalt Repair or Replacement? Six Things to Consider…
1. Consider asphalt’s long lifespan. When the asphalt surface is properly designed, installed, and maintained, the lifespan of a parking lot should be 15 to 20 years. The initial investment has a higher cost, but there will be budget dollars available for years to come for other projects and repairs.
2. Remember that bids should be competitive, but the lowest is not always the best. Be sure the bids are “apples to apples” and the chosen contractor is licensed, insured, and bonded. It is important to have the right team and equipment for your project. Galt Development has equipment specifically for those intricate paving jobs where the big equipment just can’t go.
3. Be considerate of other budget items. Keeping your tenants and their customers safe and happy is a priority. Is there a pressing item that needs to be taken care of before you start your paving project? You may need to fix any damaged steps, sidewalks, or curbs first. Be sure to not overlook these projects when budgeting for a new asphalt surface.
4. Think maintenance. When it comes to asphalt surfaces’ longevity, regular maintenance saves money. Every budget should have an allocated line item for parking lot/asphalt surface maintenance. Timely repairs on small surface problems will extend the life of your asphalt while keeping it looking its best. Every dollar budgeted early for pavement maintenance saves on future rehabilitation and repaving costs, eliminating surprise expenses that aren’t budgeted. Here’s a great article to help you do just that: preventive maintenance.
Not sure what you should be looking for? Download our maintenance checklist!
5. Sealcoating. Regular sealcoating is needed to extend the life of an asphalt surface.
6. Crack-filling. This will reduce water penetration and damage. If cracks between ¼ inch and 1 inch in width are visible, consider crack-filling. Filling cracks early will ensure that water is not able to penetrate and deteriorate the sub-base of your asphalt pavement creating a more costly repair. Crack maintenance is essential in helping extend the life of your asphalt.
Additional Budget Planning Tips
- Budget for major restoration of well-traveled areas every 10 years.
- Large asphalt parking lots or surfaces may need to be phased over 1-2 years. This helps with your annual budgeting and will ensure that tenants and customers experience the least interruption from the project.
Creating a realistic budget based on the life expectancy of your asphalt surface is paramount to avoid those unexpected (and costly) hits to a budget. If you would like to speak with us regarding how we can help with your asphalt budgeting, please contact us at 702-331-3831.
