You shouldn’t need a real estate mogul to tell you that a parking lot riddled with cracks, discoloration, potholes, and crumbling edges will diminish a property’s overall value. Asphalt and concrete surfaces should never be neglected when budgeting for property maintenance.
When considering paving in your budget, knowing where to start can seem a bit daunting, but don’t fret. Here are 7 tips to help you budget:
1. Age is Not Just a Number
Your asphalt budget will vary based on the age of your pavement. If properly designed, installed, and maintained, the average asphalt parking lot lasts around 15-20 years. So, if your parking lot is on year 17, for instance, the structural integrity of the surface will most likely require a full pavement replacement soon. On the flip side, a parking lot that is just a few years old should only need minor repairs, focusing on aesthetics. Consider the age of your parking lot when designing your budget.
2. Major Restoration of High-Traffic Areas Every 10 Years
You may notice in your lot that some areas look a bit rougher than others. Namely: entrances, exits, and wherever larger vehicles frequent. For these well-traveled areas, you should plan and budget for either resurfacing or for a total remove & replace, every 10 years or so.
Cracks will only get larger, and potholes will only get deeper. If left untreated, these damages will worsen when water penetrates the surface and freezes, thaws, and re-freezes — until you’re left with a crumbling mess.
Routine cracksealing wards off further deterioration by keeping water from seeping into the base or sub-base of the asphalt.
Take note of any of these damages in your lot, and consider them when budgeting.
4. Proper Drainage is Imperative
Do not turn a blind eye if you notice pooling water on your property. Puddles are evidence of an uneven pavement surface which may require asphalt milling and regrading. Additionally, during the winter, those puddles freeze and jeopardize the safety of your visitors, customers, and employees. If you have any uneven pavement, you should plan corrections as part of your budget.
5. Sealcoating is Necessary
Routine sealcoating is the most effective way to extend the life of your asphalt surface. Your asphalt contractor should apply sealcoat to your pavement in the first year after installation, and then about every 2 ½ years thereafter. Sealcoating protects your pavement against damages from water, oil, gasoline, chemicals, and UV rays. Plus, sealcoat restores the look of your pavement with a stunning, smooth black surface that is much easier to clean. Plan for routine sealcoating in your budget.
6. Preventative Maintenance Saves Money
Setting aside funds for parking lot maintenance is vital. Repairing small surface damages in a timely manner will extend the life of your asphalt. Keep track of your pavement’s condition year-over-year, and take care of problems as soon as they arise, and your wallet will thank you later. Preventative maintenance methods like patching, infrared repairs, sealcoating, and cracksealing are recommended in order to get the most life out of your lot.
7. Consider Phasing Repairs Over a Couple of Years
If you have an extensive asphalt parking lot, you should discuss creating a 1-2 year repair plan with your asphalt contractor. This will ensure that the pavement repairs don’t interrupt your customers, visitors, or tenants – and they will help you better plan ahead when designing your yearly budget.
Want more help planning your asphalt budget? Enlisting the help of a reputable asphalt paving contractor is your best bet for increasing your property’s value, improving safety, and enhancing curb appeal. The trained professionals at Pavement Solutions have decades of experience in providing award-winning concrete and asphalt paving, maintenance, and repairs across the country.
We would love to work together on planning your next asphalt and/or concrete project. Schedule your free assessment and estimate today by requesting a quote on our site or by calling the office at (815) 675-0696.