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How a Paved Driveway Can Affect Your Home’s Value

How a paved driveway can affect your home's value

In selling a home, first impressions are very important. How your home looks from the outside can make a buyer want to see more of the property or move on to something better.

Your driveway plays a crucial role in creating a great first impression of your home. An unpaved or damaged driveway can be an eyesore and make your home look unfinished or improperly maintained. On the other hand, a well paved driveway can greatly contribute to improving your home’s curb appeal.

Paving your driveway, however, doesn’t come cheap. To help you decide if it’s worth the investment, check out the pointers we’ve listed below.

  1. A paved driveway provides more than aesthetic benefits

    Compared to a gravel or dirt driveway, a paved driveway requires less maintenance and can protect your car from damages. 

    A gravel or dirt driveway can be punishing to your car’s tires, especially because these surfaces are more prone to extreme temperature changes. Certain temperatures can cause a parked car’s tires to warp.

    A dirt or gravel driveway can also dirty your car faster, and when you park on it, you can also track dirt or dust into your home. The uneven and rough ground can also be difficult to walk on, especially for someone wearing high heels. 

    During the winter, it can be difficult to plow through the snow on a dirt or gravel driveway. Gravel typically gets displaced during the winter, and will need to be replaced or repositioned afterwards. 

  2. The paving material you choose can factor greatly into the cost

    The most popular paving materials are asphalt and concrete. However, if you want to give your home a unique and personalized look, you can opt for a more upscale material, such as stone or bricks.

    Here’s a detailed look at some of the most popular paving materials on the market:

    • Asphalt

      Asphalt is better suited for colder climates because it can withstand heavy road salt better than concrete. It can last a long time, typically 15 to 20 years, and the lifespan may even be increased with grading. Asphalt paving in Atlanta can cost around $2.24 to $3.93 per square foot, and comes in several color tints and finishes.

    • Concrete

      If you want to add character to your home, you can customize concrete paving to mimic the appearance of bricks or have a textured finish. Concrete is the most durable paving material, and can typically last from 25 to 50 years, but will need resealing every one to three years. The cost of concrete paving in Atlanta is around $4.25 to $5.83 per square foot. 

    • Stone

      A stone driveway can give your home a luxurious look. Stone pavers are highly durable and come in various shapes, colors, and textures, but generally cost more than most other paving materials. In Atlanta, stone paving can range from $9.91 to $10.76 per square foot. 

  3. Your ROI on a paved driveway depends on several factors

    Whether a driveway is paved or unpaved is one of the features appraisers consider in approximating the value of a property. Typically, appraisers assign a value for paved driveways in context of the neighborhood.

    If most homes in your area have a paved driveway and yours does not, this can negatively impact the appraisal. If you do have a paved driveway but it is in poor condition, your home’s appraised value can be negatively affected, as well. The paving material can also be a factor in valuing your property. A higher value material, such as stone pavers, may lead to a higher appraised value.

    According to Bankrate.com, your home’s value can increase by 5% to 10% with a good first impression. As the driveway is one of the first things a visitor sees of your home, it can certainly affect the first impression you make. 

    Likewise the National Association of Realtors’ 2018 Remodeling Impact Report on Outdoor Features ranked an overall hardscape upgrade as one of the top four improvements that appeal to buyers. The report also ranked landscape maintenance as the top project likely to add value to a home for resale.

    In paving or improving your driveway, however, it’s always important to consider the trend in your neighborhood. You may not be able to recoup your investment on an elaborate project if buyers in your area are not willing to pay a premium for it. 

    On the other hand, in a high end community, a well designed driveway with upscale paving materials may just give your home the edge over the competition. 

Are you looking for ways to sell your Metro Atlanta home fast? We at the Page Morgan Team will guide you in determining which home improvement projects can help improve your house’s market value to sell it fast. 770.579.5650 or 770.509.0700, or email info(at)pagemorgan(dotted)com to learn more about how we can help you achieve your home selling goals.