There’s no doubt that having a driveway is usually more of a pull than not having one. Although there’s generally only a gate, at most, separating a parked car from the people beyond the perimeter of the property, a driveway is a safer place to leave any vehicle than the roadside.
However, what about the difference between a new driveway and an older, unkempt one? Could that actually make a difference to the value of a property? Here’s the lowdown…
Buyers are on the lookout for a bargain
If you’re interested in having this question answered because you’re thinking about selling your home, then put yourself in the shoes of a buyer. If your driveway is looking old and worn, then there’s a chance that they could use a few cracks or damaged slabs against you.
With a new driveway likely to cost a few precious “k’s”, there’s always a chance someone could use that potential cost against the resale value of your home – regardless of whether the work is actually carried out. Familiar with the term ‘kerb appeal’? Just like you would any other aspect of your home, if you’re looking to sell – take a close look at your driveway and consider whether you would choose it if you were looking to buy a property.
There are arguments for a great driveway…
So, from this perspective, the value of a visually pleasing driveway becomes apparent. You could imagine it as a red carpet rolled out for prospective buyers, and there are big names in the world of finance that back this concept up. Virgin Money, for instance, estimates that a new driveway could increase the value of a home by between 5% and 10%.
The upper end of this value enhancement would be for ‘entirely new’ driveways, i.e. where there was no driveway previously, but 5% for a rejuvenated driveway shouldn’t be ignored either. Essentially, this is where the balancing act from the point of view of the homeowner comes into play.
… and arguments against it
So, taking this 5% into the equation, you’ve got an idea of how much it’s worth spending, should you be looking to add value to your property. With many different options available, from many stylish block paving options to traditional tarmac and concrete, the amount you’re set to spend could fluctuate, depending on the material you choose and the company you invite to install the new driveway.
While there are many specialist driveway companies available throughout the country, there are also others who offer a variety of services. For instance, a quick search of recommended roofers near me will bring up a selection of companies that can enhance a property from top to bottom – potentially increasing the value of your home with a new or repaired roof as well as a fabulous new driveway.
However, if you are thinking about selling your home in the near future, the question becomes how much do you spend on it right now, with no guarantee that a buyer will recognise the extra effort you’ve put in to enhance the quality of the property. In spite of this, a professional estate agent is certainly more likely to recognise the lengths you’ve gone to, to spruce up your home – but it could be worth consulting an agency before you commit to any significant financial outlay. They may recommend other areas where your money would be better spent, and will be more likely to offer you a precise valuation of the property – with or without a new driveway.
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