As a property manager, you think about this year’s budget and next year’s and wonder how you are going to pay for improvements around your property. One of those concerns is your asphalt driveway and asphalt parking lot. There are certain key points to help you plan your project and budget out for next year.
What is the condition of your asphalt?
One of the best ways to determine what your future budget may look like is to take a hard look at the current state of your driveway and parking lot. Look for things like:
- Cracks larger than 1/4″
- Is your asphalt faded?
- Are the cracks spreading across the asphalt?
- Do you see stains from oil or other debris?
- Do you see potholes or other surface damage?
These are just some of the many things that are signs you need to fill, seal or replace the asphalt in your parking lot/driveway.
If your asphalt parking lot needs repairs right away start allocating funds to repair or replace it. The average life expectancy of an asphalt driveway is 15-20 years. Many companies set aside a repair fund every year and let it accumulate until those major repairs are needed.
One of the best ways to prevent a complete overhaul to your asphalt is to do preventative maintenance each year. A little bit of preventative maintenance will keep the surface of your asphalt looking great and reduce costs when major repairs come about.
Seal coating is one of the best ways to do preventative maintenance. Seal coating extends the life of your asphalt, restoring the look and making your parking lot look a lot cleaner. Often it makes parking lots look brand new. It is recommended that you seal coat your parking lot every two years.
Understanding the life expectancy of asphalt will help you to set realistic goals in maintenance. Here are a few key things to remember:
- Budget for every 10 years to replace asphalt
- Replace in phases if you have a very large parking lot. Every two years is easier to replace sections.
- Always have a preventative maintenance plan in place for your business.