New property listings plummeted by 47% in April this year. This downward spiral is happening as realtors deal with the aftershocks of COVID-19. If you’re a property owner trying to look for a quick buyer during these hard times, you must focus on enhancing your property’s curb appeal by adding a driveway.
Are you trying to increase your property’s value in readiness for a sale? The driveway is among the single most important factors you need to consider. Most potential property buyers focus on the driveway before seeing most of the other features.
If you’re wondering what to do to ensure a property value increase, you could start with the driveway. A new or a freshly refurbished driveway can improve your property’s curb appeal and set your property apart.
Read on to learn more about why you need to pay attention to your property’s driveway.
Why Is a Driveway So Important Anyway?
Whether you intend to sell your home at some point or not, the driveway does make all the difference. This path leads to your property’s garage or parking lot. Essentially, this means that anyone visiting the property has to access the driveway first.
A potential buyer can easily decide on their perceptive value offer by observing the driveway. Most times, the perceptive value made by the buyer might be determined long before they set foot inside the property. Before a visitor sees the other additional exterior features, their focus is first drawn to the driveway.
Have you been wondering what factors can ensure a property value increase?A new or a well-maintained driveway is among the factors that help increase property value. You’ll see here and have better bargaining power as a seller if you can ensure that your driveway is in top-notch condition.
The Different Types of Driveways
When paving a new driveway, the cost-benefit should be at the back of your mind. If the goal is to eventually sell, you need to focus on the ROI. Understanding the different types of driveways is an important first step.
Asphalt Driveways
Asphalt driveways are a perfect choice if you’re looking for that smooth and pristine look. These driveways are cheaper to install and perfectly blend in with the adjacent tarmacked roads. For most homeowners working on a budget, this can be a perfect way to seal that deal with a handsome offer.
Gravel and Stone Concrete Driveways
Security is an important consideration for property owners. In 2017 alone, there were 1,401,840 reported cases of home burglaries in the United States.
Gravel and stone driveways are a perfect option for property owners keen on deterring burglars. It’s hard to walk or drive on gravel and stone driveways silently, making it a perfect option for safety purposes.
This type of driveway is overly affordable. However, it needs a constant focus on repairs. If you’re working on a budget, then this option can help you cost-effectively increase property value.
Resin-Bound Driveways
Most homeowners embrace the use of resin-bound driveways with its growth in popularity over time. Resin-bound driveways are flexible when considering the range of colors available. However, you might need to consider maintenance schedules from time to time to keep the pristine look intact as long as the property is still for sale.
Slab Driveways
These could be block paving or flags set up in the form of small concrete blocks. Most homeowners consider this a perfect option considering the aspect of longevity. The downside to slab driveways is the fact that they aren’t cheap.
Are you considering selling your home soon? Any of these driveway options could help you with your endeavor to achieve a property value increase.
How Much Will It Cost to Install New Driveway?
The final quoted cost for your property depends on how much you invest in repairs or installations, among other factors. If you want your property value to increase substantially, then you must be willing to invest in the things that matter, such as the driveway.
Are you wondering how to increase property value? Here’s how much it will cost you to install a new driveway.
Comparing Concrete vs. Asphalt Driveway
Asphalt and concrete driveways are the most common options for property owners when installing a new driveway. While you want to increase property value and close the deal sooner, you also need to consider the cost-benefit.
The cost of laying asphalt is between $2 to $5 per square foot. If you want to set up an entire driveway with a 450 square margin, you might need at least $2,250. Before proceeding with the installation process, it would help to consider the exact length of the driveway.
When doing gravel paving, you might need at least $5400 to complete an entire 450 square stretch of driveway. Concrete is more expensive than asphalt given the cost of materials needed and the actual labor.
Here is a breakdown of all the costs to consider when installing a new asphalt or concrete driveway.
Is Resurfacing the Driveway an Option?
When selling a home, curb appeal should be at the back of your mind. You don’t want potential clients to navigate past unending potholes or an uneven driveway on their first property viewing visit. The situation is worse during rainy seasons where pools of water form around every available crack.
If you’re wondering how to increase property value on a budget, you might have the option of resurfacing. Setting up a new driveway is the best option. However, with Asphalt driveways, you have the option of undertaking repairs while still keeping the pristine look intact.
You can remove the damaged sections of the driveway and reapply a new coat. Resurfacing costs you around $1.75 per square foot when undertaking a facelift for your driveway, which is cheaper.
It’s Time to Consider Property Value Increase
Nothing restores confidence in a potential buyer than seeing a pristine looking driveway to the property. A well- maintained driveway creates the perception that everything about the interior is also top-notch. Are you considering the options you have to ensure a property value increase?
You should start by conducting an overhaul of the driveway. You have a few options to consider when deciding on the type of driveway that best suits your needs. Nonetheless, the cost of installing a new driveway should matter.
You should consider a review of setting up a new Asphalt driveway vis-à-vis resurfacing the old driveway. Remember, your driveway mirrors the rest of the property.
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