Improving the way your home looks has multiple benefits. Not only do you feel and function better while staying at the property, but you’re also making the house more attractive to buyers. If you decide to sell it, specific improvements can help a lot with the value of your home. They will help sell the house faster and increase your home’s value. However, people sometimes have doubts if certain projects will benefit their property or if they are just a waste of time. One of these is certainly adding a new driveway to your home. Let’s find out does a new driveway adds value to a house, so you can plan your investments better.
So, what’s the truth? Does a new driveway add value to a house?
Many sellers wonder if adding a new driveway is a way to add value to their homes. The good news is – you can add about 5% of your property’s value by adding a brand new driveway in Jacksonville. However, you should know that these numbers depend on several factors, such as your house’s location, local real estate market, and project scope. In general, adding a new driveway is an excellent investment, as it doesn’t need to be very expensive, but it will still pay off.
The main factors you should consider when you add a new driveway to your home
To make sure this project adds the most to your home, it’s essential to consider the following aspects. Perhaps that should help you arrive to a suitable answer for your question – does a new driveway add value to a house?
Not all buyers are looking for a home with a lot of space for their car. However, you can check that by taking a quick look at the neighborhood. See if parking is a common problem for people in the area, so you can determine if your buyers will look for a parking space when house-hunting. In specific neighborhoods, parking is not available on the street, or there isn’t a public parking lot – this is where homes with driveways are in high demand.
With more people driving cars, a driveway for multiple cars can bring more value to your home. It can also help you sell your home faster, too. If there’s enough space, you can consider adding a driveway for more than one car. This is particularly important for sellers of big, family homes. They probably expect larger families, and chances are they’ll need more than one space for their cars. Experts from miamimoversforless.com who have seen their fair share of families and houses have shared with us that families often choose homes with bigger driveways, which are useful when moving house, too. They can fit a big moving vehicle and make it easier to move in. That’s why you should consider your driveway space wisely and try to make it as big as possible.
One more factor to consider is your budget. There are several materials you can use to build a driveway, and all of them come at a different price. Think about your budget and the type of driveway you want to add. Different types will vary in price, which is why you should be careful if you wish your new driveway to add value to your home instead of being a too expensive investment. Be sure to know your budget and the current value of your home so you can pick wisely.
Common types of driveway materials
When it comes to choosing the type of driveway that’s best for your home, you can choose among:
- Asphalt – also called tarmac, this type of easily maintained driveway is quite popular among many homeowners. It’ll cost you about $4-6 per square foot, which is quite affordable, especially if you’re considering adding a large driveway. It’s somewhat resistant and easy to repair, so it’s easy to understand why it’s such a standard option.
- Concrete – another popular yet more expensive option is concrete. It’s durable and easy to take care of and suits most home styles. There’s an option of a stamped concrete driveway, which can help you achieve a paved look for less.
- Gravel – probably the most cost-effective option is gravel, as it costs about $1-2 per square foot. It’s commonly used with country homes, but it can also be found with other properties. There are different color options, which makes it more flexible. However, this type of driveway is prone to damage and spreading, and it needs to be replaced every few years.
- Block paving – this is a very durable material to use to add a new driveway to your home. Paved driveways are also quite expensive, but they are long-lasting, so it’s worth it. Even though they take a bit of effort to install, paved driveways give you more flexibility in design and color.
- Brick – if you’re looking for a highly resistant and long-lasting material for your driveway, it should be brick. Ever wondered why historic homes usually use brick for their curb appeal? This material resists all weather conditions and makes it easy to replace loose bricks. However, brick is also one of the most expensive materials, so it’s not common for bigger surfaces.
So – does a new driveway add value to a house?
If you were wondering does a new driveway add value to a house, the answer is yes, but it’s not all black and white. Before you jump into this project, be sure to plan it well. Set your budget, and choose the best material according to it. Also, the terrain around your home is another factor that will determine the best material for your driveway. Finally, think about the look you want to achieve by making this addition to your home’s curb appeal. The outside of your home is as important as the inside since. After all, it’s what makes the first impression on the buyers. Investing time and money in improving your home’s curb appeal certainly pays off, and there are a lot of projects you can do around the house and don’t break the bank. Adding more greenery, shaping the shrubs, installing new light fixtures – there are plenty of ways to make your home look as beautiful as possible.
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