When it comes to home improvements, there are a lot of factors to consider before making any final decisions. You want to be sure that any changes you make will not only be aesthetically pleasing but also add value to your home. So, when you’re thinking about repaving your driveway, you may be wondering if it’s worth the cost. Let’s take a look at some of the pros and cons of repaving your driveway.
The Cost of Repaving Your Driveway
If your driveway is starting to show its age, you may be considering repaving it. After all, a smooth, level driveway not only looks better but is also safer and easier to drive on. However, before you take the plunge, you need to know how much it’s going to cost. Here’s everything you need to know about the cost of repaving your driveway.
Repaving your driveway is not a cheap undertaking. Depending on the size and condition of your existing driveway, it can cost anywhere from $2,000 to $10,000 to have it completely replaced. However, this price can vary widely depending on a number of factors, including the type of pavement you choose, the size and condition of your existing driveway, and whether you plan to do any additional work such as concrete or stone edging. Of course, you can also choose to partially or fully resurface your driveway, which will cost significantly less. However, even a partial resurface is not a cheap project; it can still cost upwards of $1,000.
The type of pavement you choose will have the biggest impact on the overall cost of your project. Asphalt is the most popular choice for residential driveways due to its low cost and easy installation. Concrete is another popular option but is more expensive than asphalt. Stone pavers are the most expensive option but offer a luxurious look that can significantly boost your property value.
The size of your driveway will obviously have an impact on the cost of repaving it. In addition, the condition of your existing pavement will also play a role in the final price tag. If your existing pavement is in good condition with no major cracks or damage, repaving it will be less expensive than if you’re starting from scratch.
As we mentioned above, some homeowners opt to add concrete or stone edging when they repave their driveways. This additional work can increase the overall cost by as much as 50%.
The Value of Your Home
No matter how much money you pour into improving your home, there’s always going to be a limit to how much the value of your home will increase as a result. So, while repaving your driveway may make your home more aesthetically pleasing, it’s not going to turn it into a mansion. In fact, according to real estate experts, the average homeowner can expect to recoup about 60% of the cost of repaving their driveway when they sell their home.
When deciding whether or not to repave your driveway, you’ll need to weigh the costs against the potential return on investment. While repaving your driveway can certainly add curb appeal to your home, you’re unlikely to recoup the full cost of the project when you sell. If you’re planning on selling in the near future, you may want to hold off on repaving your driveway. However, if you’re happy in your home and don’t plan on selling anytime soon, repaving your driveway can provide you with years of enjoyment.
Contact Chris Paving with any questions you may have about resurfacing your driveway!