Does a Driveway Increase Property Value?

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does paving driveway increase home value

If you are thinking of selling your house, you must be wondering whether driveways really make an impact on your property’s total sellability. Let us tell you why a well-maintained driveway accounts for about 15-20% increase in a property’s value.

Driveways are the first thing that any guest or potential buyer would see as they enter your home. Their first impression of your driveway also sets their expectations and perceived value of your property. Other potential buyers tend to gain more interest in a house that has a well-put exterior because it could also indicate the present state of the structure and whether the house has been maintained over the years. Here’s a more detailed discussion on why you should be concerned about your driveway.

Curb Appeal

Driveways add curb appeal to any property. A well-kept driveway is aesthetically pleasing to the eye and is attractive to home buyers. Think of it as, if they like what they see on the outside, they’d surely be thrilled to see more of the inside. Apart from giving off an aesthetic appeal, a driveway in its best condition is easier for buyers to assume that you as the homeowner, is also a good housekeeper and that you have probably kept track of your regular house maintenance.

Neighborhood

Did you know that your neighborhood also has an effect on how potential buyers will perceive your house’s value? The type and current condition of your neighbors’ driveways also has an impact on how others will view your property. For instance, if your driveway is in disrepair while other houses in your area all have their driveways in top shape, yours could be seen as worth less than the properties surrounding your home. In contrast, if you have a newly installed driveway compared to others in your neighborhood, your house could be priced slightly higher than the average market value in your area.

Additional Expenses

One of the top concerns of home buyers is the amount of extra costs they could incur from purchasing a property. If the driveway is already due for repairs or worse, a full replacement, this could throw off potential buyers and takes a few thousand dollars off your supposed market value. As much as possible, people avoid having to pay for additional expenses for repairs and renovations so put yourself in their shoes and make sure to do all the necessary repairs before putting your house on the market.

Type of Material Used

Choosing the right type of driveway to install for your home really depends on the kind of needs that you have and your budget but the most commonly used materials are asphalt and concrete. Both are made from the same base of stone and sand that are durable and can last you for years if given proper maintenance. But the difference in both materials is in the adhesive that is used. In asphalt, a petroleum-based adhesive is applied whereas cement is used for concrete. To help you better decide what type of material to use for your driveway, here’s a list of pros and cons for using asphalt and concrete.

Asphalt

Asphalt is generally cheaper compared to concrete. The cost of using local asphalt material has a huge impact of per foot pricing in you area and can range from $2 – $5 per square foot of your driveway. The curing process is also much faster as you can almost instantly drive on asphalt after paving. However, an asphalt driveway requires more frequent maintenance but can typically last for 15 – 20 years if you follow regular sealcoating every 3 – 5 years. Minor repairs are also much easier to do with asphalt than concrete. Have I told you that snow also melts faster on an asphalt driveway than on a concrete one? This is because asphalt can absorb more heat from the sun causing the snow to melt at a much quicker rate. Another benefit to using asphalt is that oil leaks are not very noticeable due to the asphalt’s black color so staining is not really a big of a deal with an asphalt driveway.

The only problem with asphalt is that it contracts and expands with changes in temperature resulting to cracks and fissures. In terms of appearance, there’s really nothing much to decorate it with as it’s just primarily black.

Concrete

Concrete, although it is a bit more expensive than asphalt, tends to have a much longer life. Concrete can last for as long as 30 to even 50 years. However, standard concrete can cost you $3 – $10 per square foot depending on the decorative elements you want to include or stamped on your driveway. As for the curing process, it may take about seven days before you can drive on a newly paved concrete. Nonetheless, concrete doesn’t need too much maintenance, unlike asphalt. You can seal it once and expect it to last you 30 years or more, but occasional degreasing is required to remove oil stain buildup.

The downside to using concrete is that repairs are much more difficult and costly than asphalt. Resurfacing is also not an option and stains are more obvious in a concrete driveway.

Whether you are installing a new driveway, resurfacing or repairing a new one, you can always count on Driveway repair Norfolk VA to provide affordable and high-quality paving services.

Finally, keep in mind that a home is a long-term investment so your choice ultimately depends on your needs, budget, and preference. On the other hand, if you are a seller, never forego paving the driveway because it adds beauty, functionality, and value to your property.

As for paving contractors, you can grow your paving business by consulting an asphalt marketing company.