Home Exterior: Could Your Driveway Bring in a Higher ROI?

by Mina Kuper 02/05/2023

When homeowners weigh which upgrades best improve their property values; remodeling kitchens and expanding bathrooms are almost always top of the list. But what about installing a new driveway?

A dirt or gravel parking area turns into a veritable quagmire during bouts of heavy precipitation, which could mean you end up tracking more mess into your home than you bargained for. A new driveway can cure this inconvenience and possibly raise your real estate's value.

A new driveway affects curb appeal

Dirt, gravel or driveways in significant decline tend to have an inhibited attraction, which can turn new homebuyers off your property. Rather than eager buyers competing for the highest offer, sellers may face a lackluster pool of potential buyers. Like beautiful gardens and manicured lawns, driveways matter.

Best materials for driveway installations

Although homeowners typically think either concrete or asphalt, there are a wide range of materials leveraged for a new driveway. Some of the less known materials include tar-and-chip and exposed aggregate. These usually require a contractor who does niche work, however.

Handy DIY homeowners can install a mid-range driveway using interlocking pavers of concrete. Many of the same colorful and textured concrete pavers employed for patios and walkways serve equally well in driveways. When leveraged in this capacity, the products typically need to be four to six inches thick to support the weight of a car, truck or SUV.

Pouring concrete slabs is also a project DIY property owners can learn and complete with little to no professional asistance. Concrete driveways should run at least four inches thick and include rebar to increase their strength.

These projects require preparation similar to pouring a slab foundation, such as digging down to the firm ground and building 2x4 forms. Concrete remains a favored material in hot weather areas because it deflects heat more effectively than asphalt. Although asphalt delivers superior curbside appeal, it generally requires professional installation.

How much does a new driveway increase my property value?

The return on investment of a new driveway often depends on items such as size, design and the materials used, among other factors. Some experts peg a new driveway's impact at upwards of $10,000 to $20,000. Others took a more cautious approach by estimating it improves listing value by about 10 percent. What's essential for homeowners to keep in mind is: a driveway makes a first and lasting impression.

About the Author
Author

Mina Kuper

Growing up in New York Mina Kuper had dreams of owning real estate, but never thought she might actually become a respected leader in the real estate industry someday. You cannot always predict where or when you will discover what you are meant to do in life!  

Mina was taught at an early age that if you want something in life, you have to work for it. Her parents came from Eastern Europe and had to learn how to excel to help others. She followed their example, making a point of working hard at everything she did.   

Never wavering in her resolve to become the best version of herself with each career move, she worked her way up from launching a Rental Department in a startup Real Estate office to becoming a successful New York Real Estate Broker. In 2001, she moved to Los Angeles where she became a California Real Estate Agent. Mina is also a licensed real estate agent in Arizona.

As her career advanced, Mina found her stride working with multiunit, commercial,1031 exchange, and single-family properties, divorcing couples, trusts, and probate real estate – In addition, she has earned a Certification in Trust and Probate Real Estate and completed speaking engagements on Negotiation at area law schools. Her expertise in all these areas has not only set her apart from other agents but has also proven to be a real benefit for her clients. Mina donates a portion of her proceeds to animals and children causes. They don’t have a voice but she does. 

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