Does Paving My Driveway Increase My Home Value?
Whether you plan to sell your home right now or know that you will have to list it for sale sometime in the future, you will want to make smart decisions any time that you make some changes or updates to the home. You want to make changes that will increase the value of your home, not decrease it, so thinking it through and asking professionals what steps you can take will be important. If your driveway is looking a little rough, you may wonder whether paving it will help improve your home value.
Yes, a paved driveway can increase the value of your home. Buyers want to see a driveway that looks nice and does not have a ton of cracks or is even a tripping hazard. A local business that provides driveway paving in New Jersey (drivewaykingus.com) told me that ome loans will even require the driveway to be fixed before the buyer can move in. Plus, it just looks really nice to see a home with a paved driveway that is ready to greet them.
Paving your driveway could add between $5000 to $7000 to the value of the home depending on location, size, and design.
Paving your driveway is just one of the ways that you will be able to improve the value of your home and you may find yourself in the predicament that you need to work on a few different things in order to list the home. Let’s take a closer look at the value of paving your driveway and figuring out if that is the right step for you.
Should I Pave My Driveway to Increase Home Value?
Paving your driveway is a great way to increase your home value and it can be done faster than some of the other options for home improvement. However, it does depend on the state of your current driveway for how much value it is going to bring back to you.
For example, if you have a driveway that is relatively new and only has a few small cracks in it, then it is probably not worth your time to pave it and make it new. Sure, it may look a little nicer, but the return on investment is not as great because most buyers will not mind a small crack.
On the other hand, if you have a driveway that is really in disrepair, one that has some big cracks and even holes in it that could become a tripping hazard, then it is time to look at paving the driveway. This can increase the value of the home and may be the key you need to get some of the loans for the home.
Regional Impact on Home Value Increase from Driveway Paving:
| Region | Average Home Value Increase |
|---|---|
| Northeast | 5% – 7% |
| Midwest | 6% – 8% |
| South | 7% – 10% |
| West | 8% – 12% |
What Determines the Home Value Increase when Paving My Driveway?
It is estimated that paving your driveway could help improve the value of the home by up to 10%. But there are a few factors to consider in this to see whether your home value will go up that much or not. Some of the factors that determine how valuable the paved driveway is include:
- Materials used for paving: You can choose from many different materials to help make the driveway look good. The higher the quality of the materials, the more value it will add. You could keep it as simple as gravel, or you can go with something like asphalt and concrete. The former is really inexpensive, but will not increase the value.
- Size of the home: The size of your home is going to be a big factor. If you have a small home and add in a broad or long driveway, it will not make much of a difference. But if the home is big, then the bigger driveway may make more sense and increase your home value.
- The design of the driveway: Having a driveway that has been thought out ahead of time is going to make a difference in how well it works for your needs. Think about having someone who can design a great driveway to increase the value even more.
- The home’s location: The location of the home will be one of the biggest factors to consider here. If you are in an area that has many houses without a paved driveway, then adding in a paved one will help increase the value of your home more than in other areas.
Cost Comparison of Driveway Paving Materials:
| Material | Average Cost per Square Foot | Estimated Cost for 500 sq ft Driveway |
|---|---|---|
| Gravel | $0.50 – $2.00 | $250 – $1,000 |
| Asphalt | $2.00 – $5.00 | $1,000 – $2,500 |
| Concrete | $4.00 – $8.00 | $2,000 – $4,000 |
| Brick Pavers | $10.00 – $20.00 | $5,000 – $10,000 |
Choosing to Pave Your Driveway
You want to get the most out of your home and see it sell for highest dollar. But to do that, you need to get some work done around the property so that the next buyer will not have to worry about it.
Paving the driveway is one of the methods that you can use to help with this. You should work with a reputable contractor to take care of the old and bring in the new, giving you the aesthetically pleasing driveway you are looking for.