As a property manager or business owner, keeping your pavement in good condition is essential for safety, curb appeal, and long-term cost savings. But how do you know the right time to budget for asphalt repair or maintenance, and how should you go about it? In this blog, we will break down the process to help you stay ahead of potential problems and protect one of your biggest investments.
When to Start Budgeting
The best time to plan your asphalt budget is in the fall or early winter, or before the next fiscal year begins. This gives you ample time to assess current conditions, confer with trusted paving professionals to define a scope of work, collect proposals, and prioritize repairs – all tasks made easier without the pressure of urgent issues or seasonal weather delays. Annual inspections are crucial even if no major issues are apparent; this could be as simple as walking your property in search of signs of damage (cracking, water pooling, raveling, potholes, etc.) and taking photos to compare year over year. Regardless of visible damage or defects, preventive maintenance like crack sealing (if necessary) and seal coating should be included every 3-5 years depending on your property’s environmental conditions (water and UV exposure, traffic load, seismic activity, temperature fluctuations, etc.).
How to Build an Effective Asphalt Budget
1. Conduct a Professional Pavement Assessment
Start with a thorough evaluation from a qualified asphalt contractor (AMS Paving has both C-12: Earthwork and Paving Contractor and C-32: Parking and Highway Improvement Contractor licenses). We’ll identify surface cracks, potholes, drainage issues, or areas of future issues or current failures that may not be visible to the untrained eye.
2. Create a Pavement Maintenance Plan
We prioritize our proposals based on severity and risk and can work around most budgets. Routine items like crack sealing, seal coating, and striping should be scheduled regularly, while more intensive repairs like patching, overlays, or removal and replacement can be phased over several years.
3. Get Accurate, Itemized Proposals
As a reputable contractor, we will develop a detailed proposal outlining the specific measurements and scope for each type of work (asphalt, seal coat, and striping) because we want you to be knowledgeable about what we’re doing and what you’re paying for. Avoid contractors with simple lump sums without further detail; itemized bids give you the transparency needed to justify costs to boards or ownership groups.
4. Plan a Contingency
If the work is to be completed at a much later date, you should anticipate a price increase of 5-7% per year to account for inflation and market fluctuations in materials, fuel, and labor. As asphalt is a petroleum project, the price of raw material fluctuates with the petroleum index and our suppliers will only hold pricing for 30-90 days without a signed contract.
5. Monitor & Adjust Annually
Your asphalt conditions will change over time, so revisit your budget every year. A solid maintenance plan will actually reduce long-term costs by delaying major repairs or full replacement. An ounce of prevention is worth a pound of cure; since asphalt isn’t an inexpensive investment, routine maintenance can have long lasting beneficial effects on both your asphalt and your bottom line.
Plan Now, Save Later
Being proactive with your asphalt maintenance budget is one of the smartest things you can do as a property manager or business owner. Not only does it extend the life of your asphalt, but it also enhances property appearance, reduces liability, and helps avoid costly emergency repairs.
Need help assessing your pavement and building a realistic budget? Contact our team today! We’ll help you put together a maintenance plan tailored to your property’s needs and budget.