Aug 30 Will A Paved Driveway Add Value to My Home?
Will A Paved Driveway Add Value to My Home?
Many homeowners who are trying to sell their home will have to think about more than just what the actual home looks like. Many times, what ancillary features of a home look like can affect a potential buyers decision. And one of those often-overlooked features of a home is the driveway. BUT, you may be asking yourself how does having a paved, finished driveway affect the sale value? And how do you know when you should, or shouldn’t invest in one? Let’s explore factors that should affect your decision.
If your driveway is gravel…
…you should invest in a paved driveway. While the driveway may be just fine for your needs it can scare off potential buyers. Gravel is hard to take care of especially in regions where weather is unpredictable. Gravel can develop muddy areas or deep ruts that require constant maintenance.
What is your neighborhood like?
Because your homes’ value is partially determined by the surrounding neighborhood, it’s important to keep your home up to the standards of the area around you. For instance, if your homes driveway is in bad shape and all others are in good shape your home will have a lower perceived value to buyers. And the reverse can be true as well. If your home is the only one with a paved driveway while the other homes are worse off your homes’ value shoots up.
What value will a paved driveway bring me?
Usually paving a driveway will give you a return of AT LEAST the cost of it being installed. And in most cases you’re going to get considerably more in return. The amount varies depending on the aesthetics of the driveway. Things like the material used, the width, and the previously mentioned neighborhood can all affect the added value of the home. Consider making your driveway wider if you’re going the repaving route as being able to fit two cars side-by-side is a major advantage homeowners look for.
I have a nice driveway but…
…it could use a little TLC. Luckily a simple resurfacing could boost the value of your home. Resurfacing asphalt is much cheaper than a new installation and can add the same value to your home. And at the bare minimum sealing cracks before putting your home on the market can help. It will at least help keep the grass and weeds from sneaking through which can make a home look shoddy.
What paving material should I use?
In most cases we feel asphalt is the best way to go. It is less expensive than concrete, by about 50% in fact, and more durable – especially in unpredictable weather conditions. Concrete can easily crack in the winter time. Asphalt is more flexible making it less likely to crack over time. Asphalt driveways can last you 20-25 years if properly installed and maintained – a great investment. One final point about paved driveways. While they increase the value of your home, a nice paved driveway can also help sell your home FASTER. And who doesn’t want to do that!