If you own or manage a business, you already know how vital it is to plan your budget and look ahead to anticipated expenses that you might have to incur. If part of your property includes an asphalt parking lot/parking spaces, a sidewalk, and/or an outdoor patio or meeting space, part of your budget planning should include the maintenance costs of keeping those paved surfaces in good condition. To assist you in this planning, we’ve compiled the following helpful tips.
- Consider the age of your paved surface: Asphalt is an incredibly durable material, but nothing lasts forever. If pavement is well maintained, it can last 20 to 25 years and even longer. But it all depends on variety of factors, including what kind of weather the asphalt is exposed to and how much heavy traffic rolls across it every day. Typically, if your pavement is new, you won’t have to perform any maintenance for the first year or two. Then, after two to five years, you’ll need to consider how much it will cost to periodically seal coat it, as well as repair any minor cracks that have developed. When pavement is more than 15 years old, you may need to calculate the costs of major repairs, such as pothole repair, extensive crack filling and/or an asphalt overlay. For older paved surfaces (20+), be prepared to make whatever investment is necessary to restore the asphalt, which may include major repairs or even complete replacement. Your paving contractor can assess the current condition of your pavement, as well as provide some cost estimates to help you in your budget planning.
- Prioritize the work that needs to be done: Some damage should be repaired right away, including large potholes and depressions or upheavals in the surface. If you delay having these repairs made, it could end up costing you much more money in the long run – in other words, you might end up having to replace the asphalt altogether. Other types of damage, such as small cracks or fading of the asphalt, might be able to be postponed for a certain period of time. Whenever possible, make room in your budget for routine maintenance (i.e., seal coating and minor crack repair) however often your contractor recommends. You’ve heard the old adage that an ounce of prevention is worth a pound of cure? That certainly holds true with a paved surface. Regular maintenance is the key to avoiding severe damage in the future.
There’s no doubt about it – asphalt pavement is a major investment. Including pavement repair and maintenance costs in your company budget is crucial to helping you protect that investment.