Resurfacing or even starting over on a parking lot paved with asphalt is a significant undertaking that needs much thought and preparation regarding money and the project schedule. The cost to pave or repave an asphalt parking lot depends on several key factors.

Location of the Parking Lot

The size of the parking lot is the main factor that will dictate the cost of paving. Therefore, it is advisable to compare the prices of paving offered by different contractors. It makes logical sense that oversized parking lots will call for more materials and manpower. To obtain an estimate, the following measurements are required: the total area in square feet and the thickness of the asphalt.

Expect costs per square foot to range from:

– $2 to $5 per square foot for a small, primary-sized parking lot

– $4 to $7 per square foot for a medium-sized lot

– More than $7 per square foot for a big or complicated plot of ground

Site Preparation

Preparation of the surface and soil are completed before paving. This involves:

– Stripping off old asphalt or concrete and other similar tasks

– Excavating of the soil if grading changes are necessary

– Compacting the soil and the use of the gravel base materials

Some additional facilities with drainage problems and other extensive demolition also cause the costs to rise. Add $1 to $3 extra per square foot for site preparation.

Asphalt Thickness

Generally, the thickness of the material being used to cover the surface of a pavement determines its longevity.

Standard thicknesses are:

– 2 inches for light traffic areas

– 3 inches for moderate traffic areas

– 4 inches or more for high traffic areas such as bus lanes

Using a heavier grade of asphalt, which is more resistant, increases the cost by about $0.50 to $2.00 for every square foot.

Asphalt Type and Quality

Asphalt quality can be classified as low, medium, or high. The cost of a premium asphalt is $0.25 to $1.00 for every square foot compared to a standard asphalt, but it is more durable. Recycled asphalt costs 10-20% less than virgin material but will not last as long.

Additional Parking Lot Elements

Accompanying components include parking blocks, signs, lights, curbs, drains, landscaping, and subgrade reinforcements, contributing to the total cost. The primary and rudimentary lots are less expensive than the larger more intricate lots, which include many specifications and elaborations. These items can add $5 to $20 per square foot to the total cost of the parking lot construction.

Local and Regional Wages and Salaries

The location of the parking lot will determine the cost of labor and materials that are to be used in constructing the parking lot. Paving costs are usually high in areas with high wages and transportation costs for the materials used. You should obtain several estimates from different paving contractors in your area. You should also be prepared to spend 15% to 30% more for an urban area than a rural area.

Contractor Reputation and Type

Large companies with a good track record of laying pavings are relatively safe to work with but have more expensive rates. While large contractors may be costly to hire, they usually come with less risk than smaller contractors, who may be less expensive to hire and offer lower prices. Before hiring a paving company, ensure that you’ve secured three bids.

Permits, surveys, and design fees need to be added to the expenses required to acquire approvals for construction projects.

Total Paving Cost of a Parking Lot

Putting together all the cost factors outlined above, a typical cost per square foot for paving an entire parking lot falls in these ranges:

• Small parking lot (under 10,000 sq ft): $4 to $9 per sq ft
• Medium parking lot (10,000 – 50,000 sq ft): $3 to $7 per sq ft
• Large parking lot (over 50,000 sq ft): $2.50 to  $ 6 per sq ft

How to Cut Down on Parking Lot Paving Expenses

Some ways to reduce paving costs for an asphalt parking lot include:

– Use a lower cost asphalt mix design– this is also good if the vehicle loads are light, in which case one should reduce the thickness of the asphalt.

-Employ crushed stone or permeable pavers instead, if the loads are heavy.

– Resurface the current asphalt instead of completely overlaying if the structural integrity is good.

– Be sure to price compare with different paving contractors before making your final decision.

– Prefer site survey and design to avoid unnecessary change orders.

– Determine if it is possible to modify the specifications to use recycled asphalt for lower layers or other areas.

– Subdivide larger projects if the initial budget is small.

To avoid any issues, it is essential to plan, design, and contract your parking lot paving project effectively to ensure you are not faced with unnecessary and extra costs. Get advice from parking lot designers and contractors about implementing the best ideas that would help in the construction of lasting and affordable parking lots.