Does a New Driveway Add Value to a House?

Whether or not you are looking to sell, your home has value. It goes without saying that if you’re a homeowner you want your property to have as the greatest value possible.

The amount of value can vary depending on how well you take care of it. Many homeowners make an effort to increase the value of their home by adding things like:

• A home office
• A deck
• A finished basement
• Extra bathrooms
• A remodeled kitchen
• A new driveway

The addition of a new driveway is an affordable improvement that can significantly improve the value of your property while adding to the aesthetic of the neighborhood as a whole. And, installation is relatively quick and painless. If you pave with asphalt you can drive on it 3 days after it is paved and you can park on it after 14 days.     

Increase Curb Appeal With A Paved Driveway

What is curb appeal? Curb appeal refers to the visual attractiveness of a house or property as seen from the street. It’s a positive first impression that people get from a home with an attractive exterior. More curb appeal means added value. 

If your home is beautifully maintained, inside and out, the appearance of a cracked or degrading driveway can really take away from the overall appearance of your home while turning away potential buyers.

Furthermore, if your home is on the market and the driveway is sub-standard, it can give potential buyers a good reason to submit low offers. The majority of buyers will not even consider buying a house that does not have a driveway.

The driveway is a path to your home so it should look inviting. If you’re looking for an attractive and affordable option to pave your residential driveway, asphalt is the right way to go.

Why Is An Asphalt Driveway The Best Option?

Pound for pound, asphalt is the building material that gives you the most bang for your buck.

Concrete can cost $6.00 to $10.00 per square foot whereas the price of asphalt typically ranges between $4.00 to $6.00 per square foot.

Gravel is typically the most affordable option but it does not add the value of concrete or asphalt. Asphalt is a good choice.  It is:          

• Affordable
• Durable
• Flexible
• More weather resistant
• Long-lasting
• Great looking
• Easy to repair

If you live in a region that experiences extreme seasonal weather changes, such as the midwest, asphalt is the best material for your driveway.

The flexibility allows the driveway to expand and contract while maintaining its integrity year after year. Concrete is more likely to crack during the winter. 

Snow and ice are no problem since asphalt is unaffected by rock salt. Moreover, snow and ice melt more quickly on asphalt than on concrete. If installed correctly, a properly paved driveway can last 15-30 years before it needs to be replaced (even in the midwest). The key is to make sure you have your driveway installed at the right time of year. That will ensure its longevity and durability.

How Much Value Will A Paved Driveway Add To My Property?

Paving a new driveway can add significant value to your property. You can definitely get a great return on your investment. At the very least your property value increase will cover the cost of the driveway. The amount of added value can fluctuate. 

Depending on the home, a new driveway can add around $5,000 to $7,000 in value. The amount can be more for a larger home.

Get A Free Estimate

If you are interested in asphalt driveway paving services, call the expert team at Blacktop Concepts and request a free estimate. 

In addition to Western Wisconsin and St. Paul, Minnesota, we gladly provide service to the following nearby towns: 

• Stillwater 
• Woodbury 
• Cottage Grove
• Lake Elmo 
• Afton 
• Oakdale
• Oak Park Heights
• Maplewood 
• Grant Township  
• West Lakeland Township
• Lakeland
• Hudson
• River Falls
• New Richmond
• Somerset
• Roberts
• Hammond

Schedule a free estimate today to learn more!