How Much Value Does a Driveway Add to Your Home?

Experts estimate that investing in curb appeal can increase your home’s value by up to seven percent. Not only does it create a positive first impression that makes buyers excited to see the inside, but it can also boost the perceived value of your property.

Several projects contribute to your overall curb appeal. Maintaining a neat lawn, planting flowers and shrubs, and cleaning the exterior can all improve the look and feel of your home. One project that could have a significant impact on your home is a paved driveway.

Paving or repaving your driveway can make your home easier to access and make your property more intriguing to buyers. 

In this article, we’ll answer whether or not driveways add value to your home and how different paving options contribute to the cost and return on investment (ROI) of the project. Evaluate the pros and cons of this option before you move forward with the project.

How Much Does a Driveway Increase Home Value?

A paved driveway can add up to $10,000 to your property value. Not only is this an investment in your home’s curb appeal, but it also makes your house easier to get to. Future buyers won’t have to worry about a muddy driveway in the rainy season or washing a dusty car when it is dry.

The amount that a driveway contributes to your property values will depend on your home, your region, and whether you are paving for the first time or repaving a broken driveway. Repaving is often recommended if your driveway has significant cracks or potholes. While repaving can increase your chances of getting an offer because of the boost in curb appeal, it might not have the same effect on your home value as paving your driving away for the first time. 

If you are considering paving your driveway, talk to your real estate agent about the potential impact this project could have on the value of your home. Both the aesthetic appeal and easy access to your property could make the investment worth it.

Different Materials Will Affect Your Return on Investment

To calculate the ROI of home repairs or renovations, you need two metrics: the cost of the project and the increase in your property values. While a new driveway can add up to $10,000 in perceived value, it is important to estimate the cost of the project to make sure it’s worth the investment.

The average cost of paving a driveway in 2024 is $4,500. On the low end, homeowners can pay around $2,500 to complete this project, but some people might pay more than $6,600 depending on the length of the driveway and materials used. 

When you request quotes for driveway paving, your contractor will likely give you an answer in price per square foot. They will measure the dimensions of your driveway and review your materials options. You can decide whether you want to invest in an elevated paving material or choose a more affordable option. 

Try to meet with multiple contractors and request pricing estimates for the project. This ensures you get a fair price for the same value the paving companies provide. Not only do you want to choose a cost-effective contractor, but you want to make sure they do a good job. This will help you sell the house and keep your driveway in good shape long after you move away.

Here is a breakdown of different materials and their costs to give you an estimate of what your paving project will cost.

Asphalt Driveway

You can expect to spend $3 to $5 per square foot to pave a driveway with asphalt. A two-car driveway will cost around $3,000 to pave on average. Some people refer to asphalt as “blacktop” because it has a dark black surface. Asphalt is commonly found in parking lots and can fade over time. 

Asphalt driveways aren’t recommended for homeowners living in warm climates. The dark color of the pavement will absorb more heat and make it painful, if not dangerous, to walk on. This can be particularly harmful to your pets. 

Asphalt can also become malleable and unstable in extreme heat. This means it could become dented if heavy objects are placed on your driveway. Even your car or truck could cause ruts in the asphalt. 

You can expect your asphalt driveway to last 25 to 30 years before you need to update it. When the time comes to replace your driveway, you can simply resurface it. This is often more affordable than replacing your driveway entirely and sets asphalt apart as one of the top paving options.

Concrete Driveway

A plain concrete paved driveway will cost between $5 to $7 per square foot on average. However, if you want a decorative driveway or more advanced concrete options, you could expect to pay between $8 to $18 per square foot.

If the only reason you’re investing in a paved driveway is to attract potential buyers, you will likely be better off choosing the basic version. This will increase access to your home without potentially deterring buyers who don’t appreciate your concrete color choice.  

Concrete is notably more durable than asphalt and requires less maintenance over time. A concrete driveway can last for several decades, especially if it is installed correctly. The main threat to your driveway is that it could crack. Cracks in the leveling can be difficult to repair without repaving entirely. 

Concrete driveways are often preferred in warmer climates because they are lighter. A light gray or white concrete material will reflect the sun’s heat and keep your property cooler.

Block Paved Driveway 

If you are considering making a significant investment in your home, consider a block-paved driveway. This option will cost between $10 to $30 per square foot. These driveways use individual pavers that are placed tightly next to each other. 

This choice will allow you to embrace your design preferences by choosing paver shapes and colors that appeal to your aesthetic. Remember that the goal of this project is to make your home appealing to potential buyers. You might be better off choosing pavers that are similar to your neighbors or styles that don’t stand out dramatically. 

This project will take longer than other paving options on this list because each paver needs to be individually placed. However, it can certainly add a wow factor to your home. Your pavers can last up to 75 years, proving that this upgrade is truly an investment in your home’s performance.

This project could be more expensive than you expect if your contractor wants to account for broken or damaged pavers. Experienced contractors typically buy 10% more pavers than they need in case some of the blocks break during installation. It is often better to pay for extra pavers than to have a half-finished driveway because your contractor needs to order more.

Gravel Driveway

The most affordable option is gravel, which can cost as low as $1 to $3 per square foot. It’s possible to finish your driveway project for a few hundred dollars, but most people pay around $1,500 for the job.

This is an ideal option if you want to save money and do a basic project that will appeal to buyers. You can let potential buyers decide whether they want to choose a more formal paving option, like asphalt or concrete. 

The cost of gravel driveways will depend on the materials you use. Pea gravel and crushed granite are two of the most affordable options, while river rock and quartz gravel will cost you more. The gravel you choose will depend on your budget, your aesthetics, and the impact this project has on your home. Some types of gravel are easier to drive and walk on than others.

Your contractor might be able to present different gravel samples and review the pros and cons of each. This can help you make the right decision for your home improvement project.

How to Choose the Right Materials

If you are certain that a new driveway can help you with the home sale process, the next step is to identify the right materials that will have the biggest impact. Not only do you want to maximize your ROI, but you also want to use your driveway to speed up the home sale process.

For example, while a gravel driveway might be an affordable option, it might not appeal to buyers or add much value to your home. It all depends on where you live. 

The first step is to look at other driveways in your area. If the rest of your neighborhood has concrete or block paved driveways, you might want to go that route. There could be a reason why people don’t use asphalt in your region. 

The next step is to meet with contractors who can provide estimates for your driveway costs. They will evaluate any factors that could increase the cost of the project like curves in your driveway, a significant slope, a extra drainage needs.

Many homeowners don’t think about their driveways often. If you decide to move forward with this project, focus on standard driveway options that will last. If you plan to move soon, there’s no need to invest in a beautiful driveway that matches your aesthetics.

Is Driveway Paving Right for You?

While a concrete or asphalt driveway can improve your curb appeal and add value to your home, it helps to evaluate whether this project will have the biggest possible impact on your home sale.

You may generate a higher ROI if you invest in other projects like a kitchen remodel or bathroom upgrade. Alternatively, you can focus on home repairs, which can speed up the prevent delays in closing after the home inspection. 

Ask your real estate agent to identify the biggest pain points within your home and the biggest opportunities to attract buyers. Home improvements before listing need to strike a balance between cost, return on investment, and buyer attraction.

Your realtor can advise you on ways to save money on improvements while having the biggest possible impact on prospective buyers.

Talk to Your Realtor About the Value of Paved Driveways

Paved driveways create positive first impressions for potential buyers. They make it easy for people to walk into your home and keep their cars clean. However, this project can be pricey depending on the type of materials you use and the length of your driveway.

Talk to your real estate agent to identify how much value a new driveway can provide. This might be just what you need to sell your home quickly, or it could be a vanity project that doesn’t have the impact you expect. 

To find a real estate agent who can guide you through the home sale process, turn to the professionals at FastExpert. You can read agent profiles and reach out to some of your top candidates. Use FastExpert and take the first steps to sell your home today.