Why it’s important to set an appropriate budget for parking lot repairs and maintenance.
As a business owner or property manager, you have a limited amount of financial resources to cover necessary expenses. One of these “necessary expenses” should be allocating an appropriate budget for parking lot repairs and maintenance. A poorly maintained parking lot creates a negative first impression of your property and can even reduce the number of visitors to your organization.
Here are a few tips from the team at ACPLM about budgeting for parking lot repairs.
Don’t Procrastinate on Parking Lot Repairs
With so many expenses, it’s easy to put off saving money for your parking lot maintenance. However, to ensure you’re financially prepared for parking lot repairs, it’s best to set aside a little bit of money each month. This is much easier than trying to come up with a large sum of money all at once.
Think that you’ll need $1,000 in a year for your maintenance? Save approximately $85 each month for the next 12 months. Or, if you know that your cash flow is better during certain months, you might take your annual maintenance costs and save for them during your more profitable periods. Save $250 during your four most profitable months to reach your $1,000 goal.
Having the funds on hand for your parking lot repairs before you need the money gives you more options. You won’t have to scramble to find the cheapest possible asphalt repair service and can instead focus on finding a company that offers quality work and superior customer service. Should you need asphalt repair before anticipated, having some money set aside will alleviate the financial stress of these unanticipated repairs.
Adjust Your Budget to Your Needs
How much money you need to budget for your annual parking lot repairs depends on multiple factors, including:
- The age of your parking lot: In general, the older the parking lot, the more you’ll need to spend on maintenance and asphalt repair.
- The current condition of your asphalt: If it’s been a while since you’ve done any work to your parking lot, you might need to increase your budget for a couple of years to make sure you have enough for deferred maintenance.
- Whether the asphalt drainage is adequate: Parking lots that have poor asphalt drainage will need additional work to ensure that rain and other moisture sources don’t damage your asphalt.
- Your preferences for future parking lot enhancements: If you want to improve your parking lot by re-striping it or expanding it, you’ll need to increase your budget to account for these tasks.
Make sure that your budget is sufficient for your organization’s needs. If you know your parking lot is in need of major repairs, check that your budget is realistic so that a task like commercial paving won’t financially strain your business.
Keep Up with Your Parking Lot Maintenance
While investing in regular parking lot maintenance and asphalt repair will decrease the balance in your parking lot maintenance fund, it will also lower the overall amount that you have to spend on your parking lot. It’s essential to fix small problems before they spiral into expensive issues.
For example, a small pothole is a relatively simple repair. However, if you skip fixing it, moisture will continue to enter the damaged area and cause more damage. The size of the pothole will grow, and the overall damage will increase. Your costs for fixing a wide, deep pothole will be much higher than if you had repaired the small pothole.
Keep your asphalt protected from moisture and the elements by applying a layer of sealcoating every couple of years. Sealcoating, also referred to as pavement sealing, is the application of a protective top layer to your asphalt. Not only does regular sealcoating keep your asphalt looking like new, but it also protects your parking lot repairs so that they last.
Contact ACPLM for Parking Lot Repairs and Maintenance Services
Not sure what to budget for your parking lot repairs? Contact ACPLM today to request a quote for parking lot repairs and maintenance services. Our team is highly skilled and is prepared to repair and enhance your parking lot.