Does Driveway Paving Increase The Value Of A Property?

Irving, Texas. April 16, 2024 –

Are you thinking of adding a driveway to your property? Do you want to know whether the cost of paving a driveway is worth it? Well, in most cases, this home improvement will yield an increase in your property value. However, it is nuanced and will depend on your circumstances.

Let’s explore the ins and outs of driveways and how they influence the value of a property.

How Much Value Can A Driveway Increase Your Property By?

Typically, paving a driveway on your property will add another 5% to 10% to your property value according to Driveway Paving in Dublin. However, the actual return on investment in property value will depend on your circumstances. In some cases, you might accrue an increase in property value, while in other cases, the value of your property might not appreciate.

Elements That Influence How Much Value A Driveway Can Increase Your Property

Location – The location of your property will influence considerably whether or not a new driveway will increase your property’s value. Case in point: in neighborhoods where all houses have a paved driveway, paving a new driveway might not yield considerable value increase as there is an expectation that houses in the area should have paved driveways.

In the same light, houses in areas where there is plenty of free parking might not accrue a considerable increase in property value as there are plenty of options when it comes to parking.

Parking Space – Paving a driveway will increase the value of your home depending on the amount of parking space it adds to in your property. There has been a steady increase in the number of dual-income families, where both adults have cars that need secure parking space. If you can pave a driveway that will securely park more than one car, you’ll increase the value of your property considerably.

Permit Parking – If parking cars on your street comes at a cost in the form of permits, having private parking on your property will increase the overall value of your property. Many buyers would rather incur some extra cost for a house with a driveway where they can park their cars than deal with parking permits, which can increase at any time by whatever amount.

Curb Appeal – Typically, a driveway is a highly visible part of your home. In most cases, it’s visible from the road. As such, paving your driveway yields an immediate impact on the overall curbside appeal and gives home viewers a stellar first impression, which positively impacts the overall value of your home.

Driveway Security – Private driveways have consistently ranked as some of the most secure spots where car owners can park their cars. Parking your car on a private driveway means it’s significantly less likely to be stolen or damaged, something insurance companies have noticed. With this in mind, insurance companies tend to offer insurance coverage at a lower cost for cars parked in private driveways compared to cars parked in other areas.

If the new driveway you’re paving will enhance the security of parked cars, chances are it will increase the overall value of your property.

Driveway Durability – For a driveway to increase the value of your property, it needs to withstand the rigors of Mother Nature, foot traffic, and the use of your car(s) for many years. The driveway should be installed by buying high-quality paving stone that is durable and properly laid to reduce wear and tear. Any potential homeowner will be interested in ensuring the driveway in their prospective home will last long without needing constant repairs and maintenance.

Higher Rental Value – For landlords, a private driveway may increase the rental value. After all, renting a house with a private driveway, where the security of your tenants’ vehicles is better catered for, is more attractive than renting a house without a private driveway. As such, landlords can charge more while leasing their properties.

Additional Revenue Stream – If a new driveway can generate passive income by renting your parking space to neighbors, it will increase the value of the property. With the rise of parking space apps, you can generate additional income from your property, especially for houses close to busy areas such as tourist locations and travel hubs where demand for parking is typically high.

Instances When Paving A Driveway That Can Devalue Your Property To Avoid

Poorly Laid Driveways

Laying a driveway will increase the value of your home. However, if the driveway is in a poor state, there is a chance it might take away from the overall value of the home. After all, the new homeowner will have to factor in the cost of repairing the driveway while negotiating the sale of the home.

Driveways Without Drainage

A driveway with poor drainage or without any drainage at all will force a homeowner to spend a lot of money relaying the driveway. In such a scenario, the driveway does not improve the value of the home. In fact, it will detract some of the value, keeping in mind that the new homeowners will have to repair the driveway and install proper drainage.

Final Notes

While a new driveway might increase your property value, it must be done right. Ensure you use high-quality, durable materials that will last a long time.

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