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6 Tips For Budgeting For A Parking Lot Installation Project

Most property owners dream of having a parking lot that is the envy of the neighborhood, but the budget is often a nightmare. Parking lot installation takes careful planning and budgeting to get the most out of your investment.

If you don’t want to invest more than you have to or end up with a parking lot that doesn’t meet your needs, follow these six tips for setting up a budget for your parking lot installation project to help ensure you stay on track financially!

1. Know Your Needs

Before breaking ground, it is crucial to understand what your parking lot needs to accommodate.

  • How many parking spots will you need?
  • What size and type of vehicles will be using the parking lot?
  • Do you need any ADA-compliant features?

Answering these questions will give you a clear idea about the size and scope of your project, which will, in turn, help you more accurately budget for it.

Also, don’t forget about the little things. When budgeting for your parking lot installation, make sure to factor in the cost of things like signage, striping, curbs, and aprons.

2. Get Multiple Bids

Don’t just take the first bid you receive! Get at least three different offers from qualified contractors to ensure that you get the best price possible.

When requesting bids, be sure to provide each contractor with the exact project specifications so that you can compare apples to apples.

3. Choose the Right Contractor

The right contractor isn’t the one offering the lowest bid, but the one who you feel confident will do the job well and within the agreed upon budget. You want to be sure that they understand your vision for the project and have a solid plan for executing it.

4. Think Long Term

It is crucial to think about the long-term costs of ownership when budgeting for your parking lot installation,

If you use sub-par materials or workmanship, it will likely cost you more in the long run to maintain and repair your parking lot. On the other hand, if you invest in a high-quality parking lot, it will last longer and require less maintenance.

To get the most bang for your buck, ask each contractor about the materials they use and the warranty they offer.

5. Don’t Forget the Permits

Depending on the size and scope of your project, you may need one or more permits from your city or county.

To avoid any costly delays, check with your local building department to find out what permits you’ll need and budget accordingly.

6. Allocate a Contingency Fund

A contingency fund is money set aside for unexpected costs that may come up during your project. When budgeting for your parking lot installation, include a contingency fund of at least 15% of the total project cost. This will help you avoid any financial surprises if unexpected expenses arise during your project.

American Paving is here to help you every step of the way, from design to installation. We are parking lot installation experts serving Quakertown with clear communication, competitive pricing, and a commitment to customer satisfaction. We make sure your project requirements are understood and completed to your specifications.

Get a free estimate!