Does a Concrete Driveway Increase Property Value? -

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Building a new driveway for your home is not a decision to be taken lightly. Why even do it? Does a concrete driveway increase property value?

A concrete driveway will almost always increase property value. Apart from the added convenience, the concrete driveway enhances the curb appeal of your home.

Studies have shown that a new concrete driveway can add up to 10% to the value of a home.

Property value of a house is a complex equation, influenced by factors ranging from location and neighborhood to size and quality of construction. The curb appeal of a house plays an important role, though it is hard to put a number on it.

KEY TAKEAWAYS

Concrete driveways can increase property value by up to 10%.
Concrete driveways add more value than other types as they are durable, low-maintenance, and functional.
To maximize ROI, hire a professional contractor, use the best concrete and keep the design simple.

Leave scope for the potential buyer to upgrade as per their needs and preference.

What is the curb appeal of a house? Curb appeal is a measure of the first impression that your house makes on a first time visitor, especially a prospective buyer.

An aesthetically pleasing, durable concrete driveway that has ample parking space and complements the landscaping is sure to make a great first impression.

By investing in a concrete driveway, you’re not just improving the functionality of your home; you’re enhancing its overall appeal, making it more enticing to potential buyers.

What Type of Driveway Adds Most Value?

A concrete driveway adds most value to a home. An asphalt driveway will also add value, but not as much as a concrete driveway. Other materials such as gravel or brick are unlikely to add any value.

Concrete driveways add the most value as prospective buyers know that they are getting a durable, low-maintenance driveway that looks good too.

It is also easy for them to add additional features such as brick edging or driveway lighting, if it is not already there.

Depending on how much increase in property value you desire, you yourself could go for visually attractive texture finishes such as stamped concrete or exposed aggregate.

However, if your intention is to sell your house quickly, stick to a traditional concrete driveway with a brushed finish at most. You do not want to price yourself out of the market.

Moreover, a prospective buyer may have their own aesthetic preferences. With a simple concrete driveway they get a functionally superior driveway that they can upgrade as and when they want.

Remember that a clean, well-maintained concrete driveway is essential for maximizing its value. A chipped, cracked, or worn-down driveway will certainly not add much to the property value.

Why Does a Concrete Driveway Increase Property Value?

A concrete driveway increases the property value for several reasons:

Curb Appeal

A well-maintained concrete driveway makes a positive first impression on potential buyers.

The concrete driveway is one of the first things they will see when they pull up to your home, and this can set the tone for the rest of the property visit.

Durability

Concrete is a very durable material that can withstand the elements for many years.

The potential buyer will immediately factor this benefit in his valuation. They know that they won’t have to worry about replacing the concrete driveway for a long, long time.

Low Maintenance

Concrete is also low-maintenance, so the prospective buyer won’t have to spend a lot of time and money keeping it looking its best.

The occasional sweeping, simple pressure washing every few months and a coat of good quality topical sealer before winter, is all it takes to keep a concrete driveway functional, clean and looking new.

Functionality

A concrete driveway is functional and can be used for a variety of purposes, such as parking cars, loading and unloading groceries, having a BBQ party or even playing sports & games.

Upgradability

Many potential buyers will appreciate the fact that they can further upgrade the existing driveway to suit their aesthetic preference or functional need. They could, for example:

Upgrade the looks by decorative concrete resurfacing, staining, painting, overlaying with pavers or tiles, adding brick or stone edging, etc. The list is endless.

Add landscaping elements such as plants, flowers, or shrubs along the driveway to enhance its overall curb appeal.
Install driveway lighting to improve visibility, safety and ambiance,

Maximizing ROI on New Concrete Driveway Installation

Installing a new concrete driveway can increase your property’s value by up to 10 percent.

The national average cost to install a concrete driveway ranges from $2,100 to $7,800.
FORBES HOME

Here’s an example to illustrate the potential ROI:

Let’s say the cost of installing a new concrete driveway is $7,800 (high end) and currently your home is valued at $500,000. After installation of the driveway you may be able to sell the home for $550,000.

So you made an extra income of $50,000 on an investment of $7,800. This is a profit of $42,200 on an investment of just $7,800. The net ROI is a stupendous 541%.

Even if you got a property value appreciation of just 5% the investment in a new concrete driveway is well worth it.

To maximize your ROI it is best to:

Hire a professional contractor: It is important to hire a professional contractor to install your new concrete driveway. They have the necessary expertise and equipment to ensure that the job is done correctly.

Choose the right type of concrete: There are different types of concrete available, and it is important to choose the best concrete for the climatic conditions of your area.
Keep the design simple: By keeping the concrete driveway design simple and functional you will not only save money but also have a wider selection of potential buyers. Many buyers want the basics but also like the freedom to add their personal touches after the purchase.
Ensure good maintenance: Once your new concrete driveway is installed, it is important to ensure proper maintenance. This includes regular cleaning and sealing to prevent damage and maintain its appearance. Consider parking your cars in a different location to avoid oil stains or tire marks.

RECOMMENDED PRODUCTS

The Best Sealers for Your Concrete Driveway or Patio

A topical sealer is essential for protecting concrete surfaces from water permeation that can damage the concrete from within and compromise its lifespan.

I highly recommend Foundation Armor Concrete Sealers. Pick the one that best meets your aesthetic and application preference.