What Does it Cost to Pave a Parking Lot?

parking lot

Whether you’re investing in a driveway, sidewalk, or parking lot, 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.

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.

  • 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.

  • 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 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 with quality results.

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.

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.

Walt's Paving

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 Now

We offer discounts for seniors, veterans, and churches!

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