What Does Parking Lot Paving Cost?

Whether you’re investing in a driveway, sidewalk, or parking lot paving, it is important to know that you are receiving the most bang for your buck. Set a realistic budget by knowing how much it costs to pave a parking lot.

Parking Lot Paving

Parking lot paving is one of the best ways to extend the life, aesthetic, and functionality of your parking lot. Improving your commercial property is easy when you choose to repave your parking lot. Although there are several factors to consider such as cost, materials, time, and more, it’s a worthwhile investment as the benefits are numerous. 

What Is The Average Cost Of An Asphalt Parking Lot?

If you’re a commercial property owner, you have probably been weighing the pros and cons of an asphalt parking lot. One benefit of asphalt paving is that it is extremely affordable compared to concrete paving. However, the cost of paving an asphalt parking lot can vary depending on several factors.

• Service Company

Not all paving companies offer the same services. Make sure you ask plenty of questions when searching for a contractor so you don’t wind up with extra (expensive) features. It is smart to look at all your options before deciding on who you are going to hire. Doing this will let you rest easy knowing that you got the best possible deal on your paving project. 

• Materials

If your parking lot simply needs to be repaired or it’s located on an easy foundation, the project is less complex than starting from scratch. Your contractor should be able to provide an estimate of materials based on the location and intricacy of the project.

• Labor

Again, paving projects vary in difficulty. Your contractor may charge more or less depending on how in-depth the paving project is. If you are planning on a large-scale project then you should be prepared to spend more time and money on the labor as necessary.

• Square Footage

Of course, the ultimate factor in cost determination is the paving project’s square footage. Generally speaking, paving an asphalt parking lot should cost anywhere from $2-$5 per square foot.

Asphalt Vs. Concrete – Is Asphalt Better?

Many home and business owners assume that because asphalt paving is more affordable than concrete paving, asphalt must be of lower quality. However, a properly-maintained asphalt lot generally lasts just as long as a properly-maintained concrete lot. As long as you care for your asphalt driveway or parking lot, you will spend less money overall on quality results. The main difference between asphalt and concrete is that concrete generally requires less upkeep.

Don’t Forget About Maintenance Costs!

Like any asset or appliance, you have to factor in maintenance costs to your long-term investment. Fortunately, maintaining an asphalt parking lot is just as affordable as installing one. You can maintain your parking lot in the following ways.

1. Sealcoat Your Asphalt.

Your contractor may offer sealcoating as part of the paving process. Either way, seal coating usually costs less than 25 cents per square foot and provides a protective barrier between the asphalt and harmful elements. If your contractor did not offer a sealcoat as part of the deal then you should still consider investing in it. Applying sealant to your pavement every 1-2 years drastically increases your parking lot’s lifespan.

2. Repair Cracks And Potholes.

If you catch small cracks in the asphalt early, you can typically repair them yourself for a few bucks. Keep an eye on your parking lot to make sure small problems don’t grow larger.

3. Clean Spills Thoroughly.

Once your asphalt parking lot has been paved, invest in an asphalt cleaner. Vehicles often drip fluids that can wear down asphalt. Cleaning your asphalt regularly can increase its lifespan and save you money on repairs.

Who Are We, And How Can We Help?

You can count on Walt’s Paving to complete your residential or commercial paving project in an efficient and timely manner. We have over 40 years of experience paving asphalt driveways, making asphalt repairs, and sealcoating asphalt. We are located in Osceola IN and service homeowners and businesses within 50 miles of Elkhart IN. Call us today.