If your business’ parking lot is falling apart, other aspects of your operation will begin to follow suit. A severely damaged lot presents a major liability, turning customers away, putting pedestrians and drivers at risk, and decreasing your property’s overall value. Staying on top of regular asphalt maintenance and minor repairs will prevent your lot from deteriorating – if you neglect this maintenance, you’ll have to invest in larger and more costly repairs down the road. And if these issues get out of hand, you may need to replace your commercial parking lot altogether.
Let’s break down the steps you should take before replacing your commercial asphalt parking lot.
Steps to Take Before Replacing Your Commercial Asphalt Parking Lot
Receive a Professional Inspection
When you finally get around to fixing up your parking lot, you’ll first want to determine the nature and severity of its damage. You might be tempted to simply start from scratch, but an asphalt replacement job is more expensive and time-consuming than most commercial parking lot repair and resurfacing projects. So, if your lot doesn’t need to be completely torn down and rebuilt, going through with such a project is a waste of time and money. Hiring an asphalt professional to inspect your lot will cue you into your asphalt’s specific issues and needs and reveal any previously unseen problems you should know about.
Balance Your Budget
Once you’ve got a sense of your parking lot’s true condition, you can begin to calculate costs. Sites like Home Advisor can give you a general idea of what specific repair projects may cost in your area. Beyond this, it’s important to receive detailed estimates from multiple providers. After all, the quote you get from one commercial paving company won’t be exactly the same as the one you receive from another. Comparing estimates will help you avoid scams, establish a reasonable budget, and find the right contractor for your business’ needs.
Consider Whether It’s a Capital Improvement
While most asphalt repair projects can be written off as expenses, larger commercial paving projects (i.e. parking lot replacement) may fall under the category of capital improvement. If your project meets these requirements, you’ll want to consider how this affects your property’s value and your tax accounting. Additionally, not all asphalt contractors are equipped to tackle capital improvement projects, so you’ll want to make sure the provider you hire has experience with these large-scale operations.
Prepare for Extended Downtime
As mentioned before, installing a new parking lot or replacing a severely damaged one takes a while to complete. The average commercial asphalt parking lot replacement job takes about 2-4 weeks to get done – this includes gathering materials, preparing surfaces, paving, allowing time for pavement to cure, and line striping. Most businesses aren’t closed for such extended periods of time, so you must determine the optimal time to get this done. And if you plan to stay open during this time, you’ll need to find temporary parking solutions for employees and customers. Either way, you can expect your business’ bottom line to take a hit while your parking lot is being replaced. Fortunately, if you worked with a reliable contractor, you’ll be left with a brand new, beautiful, sturdy lot when all is said and done. This fresh asphalt may attract new customers, boost morale, and increase your property’s value.
What Does Your Asphalt Parking Lot Need?
A parking lot replacement project is no small task. You must make several preparations before investing in such a project to mitigate business losses, cover the expenses, and anticipate future costs and benefits. Keeping up with commercial parking lot maintenance will prevent you from having to make these difficult decisions down the road. No matter your specific asphalt needs, Cassidy Paving provides high-quality maintenance, repair, and repaving services for commercial clients throughout New England.
Call Cassidy Paving today at 866-978-9788 for a free estimate on your next asphalt repair project.