5 Budget Tips for Property Managers
Have you noticed? Leaves are changing colors and falling off trees, the nighttime air is crisp, and days are getting shorter: Autumn is in the air.
If you are like most property and facility managers, you are in the thick of budget planning. But, don’t fret; the seasoned professionals at Rose Paving are here to help you transition between seasons.
With a tight budget, it can be difficult to allocate funds to parking lot maintenance. However, every dollar budgeted now for timely pavement maintenance will save four to five dollars in future rehabilitation costs.
Budgeting Tips for Property Managers:
- Establishing the need for planning ahead is only the first step. Next it is important to determine exactly what should be included in a parking lot maintenance budget. The life expectancy of a well designed, well built, and well maintained asphalt parking lot ranges between 15-20 years.
- If pavement is new, a budget should reflect the cost for striping on an annual basis for aesthetics, followed by crack sealing and sealcoating every 2 years.
- About every 8-10 years, funds should be budgeted for major restoration: either resurfacing (overlay) or full removal and replacement.
- If your parking lot is large, consider phasing repairs over a 2-3 year window. Address defects in well-traveled areas such as drive lanes and walkways first, while alleviating any liabilities that may be present.
- Above all, plan ahead for preventative maintenance. This will help keep costs down over the long-term.
Knowing which areas of a lot are problematic lessens the likelihood of unplanned repairs and will help you have a better handle on forecasting and budgeting to maintain your asphalt investment.
Looking for more budget planning advice? Contact a Rose Paving team member today! We will evaluate the condition of your parking lot and recommend various treatments options over several years. Call (888) 773-ROSE or email us here!