How much equity does a paved driveway add?

You might be surprised to learn that a driveway does add value to your home. It is estimated that a driveway can increase the value of your property by 5 to 10%. That's quite a lot for an area that doesn't really need to pay much to renovate it. It's estimated that having an attractive driveway to complement your home can add up to 10% of your property's value, according to Virgin Money.

So, with the average house price in the UK just under £230,000, your home could benefit from a significant financial boost if parking is an option available to buyers. The biggest drawback of this type of input is maintenance. Just like a lawn, you'll have to work hard to keep your lawn green and looking good. If you live in an arid desert-like climate, this is probably not the best option for you.

In addition to having a home that is more salable because of the garage, having this will only add value to your property. Adding a driveway to your property can add up to 10% to the value. According to Jamie Owen, an Ohio appraiser and host of the Home Value Stories podcast, neighborhood context matters a lot when weighing the value of a paved driveway. Asphalt driveways can last 20-25 years if properly installed and maintained, a big investment.

In addition, if your home is on the market and the driveway is poor, it can give potential buyers a good reason to submit low bids. Perhaps it is better laid out, has a larger garden or is in better condition

), buyers may overlook the lack of a driveway. According to a study, homebuyers are fairly unanimous when it comes to rating the importance of off-street parking, and 84% insist they wouldn't consider a property that doesn't have a driveway. There is a wide range of options available when it comes to choosing your driveway finish, from block paving to concrete and asphalt.

If you are interested in asphalt roadway paving services, call the team of experts at Blacktop Concepts and request a free quote. Your entry may not be the most exciting property improvement of all time, but it certainly serves a critical function and gets a lot of use from day to day. If most homes don't have driveways and yours does, this gives your home an advantage over others in the neighborhood. Paved driveways also offer the benefits of reduced winter maintenance, improved exterior appeal and a clean car.

If you are looking for an attractive and affordable option to pave your residential driveway, asphalt is the right way to go. With the exception of homeowners who live in very remote and rural areas where gravel roads are the norm, very few people who decide to pave their driveway will regret making this investment. Often called chipping and sealing or liquid asphalt and stone, a driveway of tar and chips may look like an asphalt pavement, but it's something else entirely. Flexibility allows the entry to expand and contract while maintaining its integrity year after year.

But how much value does a driveway add to a house? Is it worth the investment compared to other home improvements? And would it make more financial sense to sell your house now instead of waiting for a driveway to be installed? Make up your mind by reading our detailed guide.

Debby Parker
Debby Parker

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