Tips for Budgeting a New Parking Lot

project budget

Experts say a well-designed and maintained parking lot improves safety as well as your business’s image.

As you consider undertaking a parking lot paving project, you’ll quickly discover safety and improved image cost money. To save money while boosting your business, you need a paving project budget. 

Keep reading to learn about where to start when creating a budget for your parking lot project. 

Analyze Your Need

Budgeting a parking lot begins with analyzing your need. Your cost will vary when paving old parking lots, so start by perusing your current lot. 

Once you notice cracks and chips in the lot, consult a paving expert. These cracks will not seal themselves. When you choose to ignore a deteriorating parking lot, you run the risk of needing a complete repaving as opposed to a repair. 

You may be tempted to avoid the project because it looks so overwhelming A pavement expert will help you figure out where to start and will give you an expert opinion on if you need a full-on replacement or just a maintenance repair job. 

Paving experts use their expertise to ultimately save you time and money.  

Project Budget Considerations

Once your paving expert has given you his or her opinion, you can begin creating an asphalt paving budget. Commercial asphalt will give your parking lot a professional feel that boosts your business image. 

In the budget, consider all of the constraints involved. You need more than just square footage numbers. 

Breakdown the cost for all parts of the repaving job. Consider both the location and the limits of the job such as the amount of pavement work needed as well as the structures a company will need to pave around. 

Pavement surfacing companies will also need to consider the drainage and utility needs of the project. If you plan to keep your business open during the paving process, consider the cost of traffic control as well as new temporary access to your business. 

Experts claim that 63 percent of U.S. drivers avoid driving to places if they have parking challenges. Temporary access to your business will reduce parking difficulties and keep your doors open. 

The budget plan needs to consider all aspects of the project.  

Examine Your Options

Your biggest factor in the budget isn’t the pavement itself. It’s the contractor you select.

You need a contractor who will work within your budget constraints and will do a good job. If you go with the lowest bid, you may end up with a contractor who completes a lackluster job that doesn’t last. 

So look for a contractor with a stellar reputation. 

Examine the contractor’s bid proposal carefully. The bid should have the following elements: 

  • Cost of all pavement work
  • Breakdown of repair locations
  • Material rates
  • Application rates
  • Pavement marking costs
  • Defined timeline 

Your timeline is a factor for your business. Repaving commercial asphalt parking lots inconvenience your customers and may even deter people for the duration of the project. The longer the project, the more potential loss of business. 

However, consider that a full resurfacing will take longer for a contractor to complete than just filling cracks. 

Look for a contractor who will first listen to your concerns for the project. 

Budget Smart 

A pavement project budget looks at all the angles. Pavement experts can help you see every need, so look for one today. 

For all your paving needs, contact us