Does Paving your driveway increase the value of your home ?
Paving a driveway will not only make your home more appealing to potential buyers, but it will increase the home's value. When looking for a new home, potential buyers consider the costs necessary to add all the features they'd personally like in and around their dream home. Buying a new home can be costly, so extra expenses such as adding a driveway are often considered negative points by potential buyers. There are different ways to pave your driveway and increase your home; the costs vary depending on materials used
Why Gravel Isn't Ideal
Gravel may be suitable for your own driveway needs, but potential buyers may not like gravel as much as you do. Depending on the climate in your area, gravel can be difficult to maintain in certain weather conditions. Gravel can become muddy during rainy times and is more difficult to plow or shovel. Gravel strip driveways often develop deep ruts which are also undesirable to potential buyers.
Your home's value is partially determined by the average price of similar homes in the neighborhood. For instance, if yours is the only home without a paved driveway, it may be perceived as worth less than surrounding homes. Likewise, if your home has a paved or brick driveway that has recently been installed, it will be perceived as more desirable than surrounding properties with gravel driveways or driveways in need of work.
Value of Paving
Paving a driveway will generally increase the value of your home at least as much as the cost of the driveway itself. The value will increase even more depending on neighborhood, the aesthetics of the driveway and the width of a driveway. A wide driveway that fits two vehicles is going to be of more value than one which is barely wide enough to fit a compact car, for instance. The value has a lot to do with perceived value and the needs of potential buyers. It may be worthwhile to spring for some extras, such as adding a walkway from the driveway to a back door or patio, as it will increase the appeal of the property.
Maintaining an Existing Driveway
Common, basic maintenance will increase the curb appeal and therefore the sellability of your home. If your paved driveway is cracked, uneven or is otherwise in a state of disrepair, get it fixed. For an asphalt driveway, resurface the entire driveway or at least sealing any cracks before putting your home on the market. At very least, pull weeds and grass growing in cracks and around the driveway in general.
Adding an asphalt driveway can increase the curb appeal of your house, which ... Concrete is a more expensive product than asphalt, often 40 to 60 percent more ... An asphalt driveway can last from 15 to 30 years if it is installed properly. The overall increase in value you your home including proper landscaping, maintenance can range from 12% to 20%. Well worth the investment. Make your home "PoP" at a glance....and take it from there.
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