Homeowners are constantly looking for ways to increase the value of their homes. One way to do this is by installing a new driveway. But does a new driveway really add value to a home? The answer may surprise you. In most cases, a new driveway does not add significant value to a home. In some cases, it may even lower the value of the home. So before you break out the shovel and start paving, be sure to do your research and understand the potential repercussions of your actions.
Why could a new driveway lower your home value?
Let's say for example you are looking to sell your home in the next three years. The house across the street just had a new driveway installed and your real estate agent told you that it added £20,000 to their asking price when they put it up for sale. You feel like adding value is key if you ever hope to get top dollar for your home.
But is a new driveway really worth the time and money it takes to replace it? The short answer is no. In fact, in many cases, a new driveway could actually lower the overall value of your house.
One reason why a new driveway may lower the value of your home is that it can be quite expensive. Homeowners may have to spend anywhere from £2,000 to £10,000 on a new driveway, depending on the size and material. This can be a major expense, especially if you are already tight on money.
Another reason why a new driveway may lower the value of your home is that it is a major renovation project. Homebuyers may not want to purchase a home that has already been renovated, especially if they are not familiar with the work that was done. They may also think that you tried to cover up some underlying issues with the renovation.
Lastly, a new driveway may lower the value of your home because it is simply not a good investment. While a new driveway may look great and serve as an extra space to park your car, you will need to pay someone else to maintain it. This means more money out of your pocket down the road.
A few exceptions: when is a new driveway worth it?
In some cases, having a new driveway installed can actually increase the overall value of your home. This is very rare, but it can happen. If you are able to install a high-quality driveway made out of expensive materials, for example, then it may serve as a selling feature for your home. Another instance when a new driveway could actually add to the value of your home is if you live in an area that has harsh winters. In these areas, you may need a driveway that can withstand the elements, such as snow and ice. Installing a high-quality material may be worth it in this case.
In a nutshell: When it comes to increasing your home's value, a new driveway is probably not the best investment. In most cases, it will only cost you more money and cause headaches down the road. However, there are some instances when it may actually increase your home's overall value.
What Matters To Buyers
To understand why this is, you will need to know what potential buyers look for in a house. They are not looking for a nice, new driveway right across the street. What they are looking at is curb appeal, or how your house looks from the street.
If you want to convince potential buyers that your home is worth taking a second look at, it will need to have fresh paint and make-up on (even though they don't care about the condition of your driveway).
Of course, you are not going to stop all home renovations when trying to sell your house. Below are some examples of renovations that do add value to a house.
Renovations That Add Value To A House
While a new driveway does not add value to a home, there are some home renovations that can. These renovations include:
- Adding a pool
- Adding a roof deck
- Adding an additional bathroom
- Moving the kitchen
- Making repairs to update and modernise your home
Even though these renovations will not add as much value to your home as, say, adding an additional bathroom would, they can still be well worth it. These types of renovations are quick and simple to do on your own without hiring out professionals.
Tips to keep in mind if you do decide to install a new driveway
The best time of year to install a new driveway is during the winter, as it will be able to withstand harsh weather conditions better than other times of the year. Plus, hiring out professionals can be very expensive during the busy summer months.
If you are planning on staying in your home for at least one year, then it is worth the investment to install a high-quality driveway that requires little maintenance down the road. Also, look into what kinds of professional licenses you need to maintain your new driveway. You may not need to hire out professionals anymore if they require very little maintenance.
So, Should I Put A New Driveway On My House? If you are looking to sell your home, then it would be wise not to spend money on a new driveway. It is just simply not worth it. However, if you are planning on staying in your current house for the next few years, then there may actually be some benefits to adding one.