Capital expenditure projects can be stressful, particularly for commercial property owners or managers. It’s critical to prepare your budget properly to avoid any further surprises. Below we’re sharing our top 3 tips to set up your parking lot budget.
1. Identify Needed Paving Maintenance
One of the most common questions we receive from clients is regarding what pavement improvement they should choose. With cracking, rutting, weathering, and other deterioration clues being very subjective, it is often difficult for untrained professionals to have a good feel for the actual needs of the pavement. With that in mind, it is easy to understand why the toughest part of the pavement maintenance project is simply deciding what to do.
Understanding that a thorough pavement analysis will play a large part in the eventual rehab efforts means that it is vitally important to find the right contractor to complete your project. It is advised to connect with multiple contractors to get their feedback on how best to rehabilitate your pavement.
Be aware that you most likely will get multiple recommendations, and then be put in the position of choosing which recommendation to follow. You will notice some overlapping regarding the highly-priority improvements that are needed, so noting those in the scope of your work is an easy way to get the work done that is most needed.
PRO TIP: Don’t delay pavement maintenance, particularly if you are overwhelmed and don’t’ know where to start. Ask for help from paving experts. Letting a deteriorated or failing pavement go beyond its limits means you are at risk of having to do a complete removal and replacement or mill and resurface – which are far more expensive and time-consuming than any other preventative maintenance techniques.
2. Define Parameters of Paving Project
When it comes to financial planning for pavement maintenance needs, it is imperative to stay on (or below) your parking lot budget – meaning it is essential that the contractor and business owner or property manager have a clear understanding of all the intricate details of the project. Common parameters of a pavement project include:
- An explanation of the job with a cost breakout for each part of the job
- Project location & limits
- Amount of pavement work to be completed (sq. ft or linear ft of work being done)
- Structures to consider
- Drainage
- Traffic control
- Utilities
- Access
Defining the parameters of your pavement project is the foundation for guaranteeing that your work is done accurately, within your timeline, and at or under budget.
3. Selecting the Paving Contractor
With any project, it is imperative to have open communication between the contractor and business owner or property manager. Hiring a contractor who takes the time to listen to and address your concerns is imperative for a successful project. Before making a final selection, ask each contractor how they prefer to interact with clients as well as what would be the most effective way to address concerns should a problem arise throughout the project.
Furthermore, clarifying all details regarding the contractor’s bid proposal is essential. Before awarding the job, you should have a clear understanding of the pavement work to be completed and a breakdown of all repair locations. Materials and application rates as well as whether pavement markings are included should also be known. Lastly, you will want a defined timeline for when the project might start along with an approximation as to how long the job will take to complete. Larger rehabilitation projects like partial or full-depth reclamation work will take considerably longer to complete than most seal coating or crack filling projects.
Pavement Maintenance is an Investment
In summation, the maintenance of paved surfaces will be one of the largest expenses that a property owner will have to contend with. Chicagoland weather is incredibly harsh on the pavement, making it imperative to routinely evaluate and catch any sign of deterioration before a complete failure occurs.
Viewing pavement maintenance as an investment and not as an expense is one way to reduce the feeling of overwhelm and redefine the way you view costs associated with pavement repairs. Strategically planning pavement repairs and staying on top of your pavement maintenance needs will always be the most cost-effective solution.
When you can plan out your pavement maintenance expenses, you will also be able to budget your expenses more accurately.
Work With The Best Paving Company In Chicagoland
For more than 60 years, our highly-trained and caring crews have provided Chicagoland with Asphalt Paving, Sealcoating, and Concrete services using the finest quality materials, at fair prices, with superior results. Our consultative approach allows us to deliver a well-planned project, within your parking lot budget, no matter the size or scope.
