A whopping 63% of Americans chose not to visit businesses with parking challenges. If your parking lot is in poor condition, it’s likely costing you and your tenants in lost customers and revenue.
Perhaps you’re thinking of resurfacing your parking lot. If so, stop right there.
There are some tips every property owner should know about parking lot resurfacing before they hire help.
We’ll cover some telltale signs of worn parking lots, list some benefits of resurfacing, and include cost considerations.
To avoid being taken for a ride, instead take a look at our comprehensive guide.
When Do I Need to Resurface?
Like any property, parking lots depreciate and become worn over time. When small blemishes occur, repair jobs such as an asphalt patch are often enough to maintain your parking lot.
But as the years go on, small cracks and tears in the base layers of asphalt may make repairs an expensive and pointless consideration.
You should expect your new parking lot to last for an average of 25 years. As it ages, climate and regular use will cause the asphalt to break down. In areas with steady snowfall and fluctuating temperatures, rain and snow will dramatically reduce the potential lifespan of your parking lot.
If your asphalt is dull and dry but otherwise in fine condition, you may only need to replace the sealcoat. Asphalt sealcoating provides your parking lot with a rich black surface that shields weather and reduces the wear of daily use.
A parking lot with an acceptable age could benefit from a blacktop resurfacing. Blemishes are filled in and your parking lot is given a new coat.
This solution is not advised for aged asphalt worn down to its foundation layers. At this point, repaving is your only option.
What Are the Benefits of Parking Lot Resurfacing?
So, your parking lot needs to be resurfaced or repaved entirely. It’s a big expense you’d rather avoid, right?
The reality is you’ll benefit from the returns of upgrading your parking lot.
If you choose to leave your degrading parking lot in poor condition, you could be liable for customer injuries that occur on your property. Suppose a visitor trips on one of the potholes in your parking lot and breaks his leg.
Paying for the customer’s medical bills and lawyer fees will likely dwarf the cost of a repaved parking lot. Don’t leave yourself open to unexpected expenses.
Along with improving customer safety, a resurfaced parking lot will give your property a professional appearance and boost your property value. When more than half of Americans will purposely avoid terrible parking conditions, choose to provide the best parking around.
You’ll attract more customers with a professional look.
But that isn’t all. When worn parking lots gather potholes and cracks, these ruin its natural drainage system. With poor drainage, your parking lot will age faster and water will freeze in areas it shouldn’t.
With a fresh resurfacing or new pavement, your enhanced drainage will dramatically increase the resilience and lifespan of your property. You could also consider installing catch basins when you choose to resurface.
How Does Parking Lot Resurfacing Work?
If you choose to resurface your parking lot, you’ll want to know how it all works. While deploying an asphalt layer is fairly cheap, there are some additional resurfacing services that can raise the price.
Repairing small potholes has little to no impact on the function of your parking lot. Simple repair jobs will have small portions of your parking lot cordoned off for a brief amount of time.
Resurfacing your parking lot is a more demanding process. When you spot standing water on your surface or a large network of cracks, this is your best option. Your parking lot will be cleaned and leveled off with new asphalt.
Hot asphalt is injected into the parking lot to contour it into a more effective shape. But these leveling binders may cost you. Be sure the construction company shows you the unleveled areas in your lot.
You may also be offered geotextiles. Geotextiles are set before the new surface is applied. It’s a waterproof structure that also adds more rigidity to your new surface.
How Much Will This Cost Me?
Whether you are resurfacing or repaving your parking lot, a variety of features will impact the cost.
The location of your parking lot is often the biggest factor. Construction companies have their own material and labor costs in different areas. If you’re choosing to repave, the conditions of the regional soil can impact cost. In Hawaii, construction crews first must deal with volcanic rock.
Naturally, the larger your parking lot, the larger the expense. Consider the size and number of parking spaces.
Build enough to accommodate your customers for your peak business hours. Not enough parking will impact how many customers use your business. Similarly, too many parking spaces will cost you more in repavement costs.
A parking lot with considerable damage will add additional charges in both labor and materials. With significant draining issues, milling may be required to level out the parking lot. This is an extra expense. When milling isn’t enough and leveling binders are required, you’ll also pay extra for these.
Expect to pay $2 per square foot just for the new asphalt surface. Milling, binders, and other services will be required based on the quality of the existing lot.
Ready to Resurface Your Parking Lot?
Proper maintenance and sealcoats can keep your parking lot safe and professional. But if your property has potholes and alligator cracks, you should consider a parking lot resurfacing or a full repavement.
Need some help? Our experts offer a variety of pavement services for parking lot resurfacing or other paving projects.