What’s the Average Cost of an Asphalt Parking Lot?

Have you tallied up your annual expenses lately? If you’re like most homeowners, you’re constantly keeping a watchful eye on where the money goes, and whether it’s really being put to good use. This means tracking your expenditures carefully, especially where bigger projects are concerned. It also means researching your options and finding the best value for any particular project.

All of this is very true for something like new siding, or a renovated bathroom, or a new roof overhead. But what about asphalt pavement? Is it really important to be careful about the contractor you choose? The answer is clearly yes. When you look at the results from reputable pavers, you see asphalt that’s been properly installed from the ground up, resulting in pavement that not only looks and performs well, but also stands the test of time. On the other hand, when you investigate asphalt that was installed by a less-than-reputable outfit, you see all kinds of irregularities – especially as time goes by. Eventually the surface will warp and weaken to the point where serious repairs, or even a complete replacement, become necessary.

But let’s set all this aside for a moment and address the question at hand. What’s the average cost of an asphalt parking lot?

Obviously, the answer depends on a number of factors – not the least of which is the size of the parking lot itself. If you’re talking about a small office parking lot, the cost is going to be considerably lower than that of a sprawling retail parking lot, or a full-fledged parking ramp. Generally speaking, though, asphalt parking lots often cost between $1 and $1.50 per square foot. Multiply this dollar figure by the size (in square feet) of your parking lot and you’ll have a good idea of what it costs. You’ll also have a clear understanding that quality is everything when it comes to asphalt parking lots. No business wants to spend that kind of money on an installation that falls apart after a short time. Asphalt isn’t the most exciting investment your business will make, but it’s among the most essential – and it’s important to make those dollars count.

Getting the best deal on your asphalt parking lot

People often equate getting the best deal with paying the lowest price. But when it comes to pavement (and a lot of other things), this isn’t necessarily the best mindset. The lowest bidder may in fact provide the highest level of quality, but often times, this just isn’t the case. The bid is lower because the materials, tools, experience, skill level, and dedication are all lower as well. The result may look good at first – but as time passes, and you begin to see early imperfections in your pavement installations, you’ll wish you had chosen long-term value over a short-term solution.

Fortunately, there are many contractors out there who offer a great overall value and a very competitive bid. Finding them is simply a matter of tracking where other customers have had the most positive experiences. Good luck!