Kane Construction

How Much Value Will a New Driveway Add to Your House?

When it comes to selling your house, there are numerous strategies to attract potential buyers. As seasoned driveway installers, we have witnessed firsthand how a simple concrete driveway or an elegance block paving drive can significantly increase the value of a property. In this comprehensive guide, we will explore the extent to which a new driveway can enhance your home’s value and provide insights into optimising your investment. 

Quantifying the Value Addition 

On average, a well-constructed driveway has the potential to boost your home’s value by 5-10%. However, this outcome is not guaranteed, as certain factors can influence the necessity and desirability of off-street parking. It is crucial to ensure that your driveway is of high quality and professionally installed, as this will likely contribute to an increase in value. Instances where the cost of the driveway might decrease the overall value of the property over time are rare. 

The Convenience Factor

Convenience plays a significant role in the willingness of potential home buyers to pay more for a property with a tarmac driveway, for example. With the increasing number of vehicles on the road (over 40 million in the UK at present), individuals in the market for a new home seek to save money on parking. Consequently, even a basic resin driveway can be an attractive feature, further highlighting the potential value enhancement. 

Simplicity and Functionality

Prospective buyers often prioritise functionality over intricate details like resin options, tarmac finishes, or elaborate designs. As long as the driveway is a sturdy, level surface with sufficient space for one or two cars, its value will continue to rise. To determine the potential value boost for your property, consider the costs associated with materials, waste removal, professional labour, and any necessary planning permissions. While a well-executed construction project should not offset the eventual value added, it is essential to keep these factors in mind. 

Size Matters

The size of your driveway can significantly impact its appeal and value. A four-car driveway will undoubtedly attract more interest than a two-car one, primarily due to the added convenience it offers. However, it is crucial to consider other variables to maintain the overall curb appeal and value of your property

Factors Influencing Driveway Value 

Location 

Having the ability to park right in front of your home is a sought-after perk for families and professionals alike. If your area lacks alternative parking options and is well-connected to motorways, a driveway becomes even more appealing to potential buyers. However, it’s important to note that not all homes require driveways, especially smaller properties or those with ample free parking nearby. 

Parking Space 

Homebuyers with families or dual incomes often prioritise larger driveways. For households where both adults work and commute, having space for at least two cars becomes a necessity. Smaller driveways may limit the marketability of your property, while a larger parking space can help you recoup the initial investment by increasing the home’s value, which can be done with driveway tarmac surfacing

Permit Parking

If your street has paid permit parking or limited free parking options, a modern home with a spacious driveway can make a substantial impression. Buyers may be willing to pay more for the convenience of a private parking space, especially if the cost of permits outweighs the additional investment. 

Avoiding Value Pitfalls

While a driveway can enhance your home’s value, certain mistakes can lower its appeal. 

Poor Installation 

A poorly laid driveway in need of significant repairs can deter potential buyers. Extra maintenance and repair costs pose a burden for buyers, making it crucial to ensure that your driveway is well-constructed using durable materials like concrete or tarmac. 

Inadequate Drainage 

Regardless of the driveway type, insufficient drainage can lead to puddles and even flooding. These issues can result in additional expenses and long-term headaches. Opting for permeable driveway materials and ensuring compliance with Sustainable Drainage Systems (SUDS) standards is essential. 

Lack of Dropped Kerbs

Legally, all driveways require dropped kerbs to enable proper access and parking. Neglecting this requirement can limit the usability of your driveway and raise concerns for potential buyers.

The value added to your home by a driveway depends on factors such as location, parking space, curb appeal, and long-term cost savings. Concrete driveways, gravel driveways, and block paving systems are highly appealing to buyers seeking convenience and functionality. Maintaining an aesthetically pleasing front garden and ensuring regular maintenance of your paved driveway can further increase its attractiveness. While the average cost of a new driveway can be offset by the value it adds to your property, conducting thorough research, including examining local permit prices and comparing home values in your area, is advisable. Consulting with estate agents can also provide valuable insights. Ultimately, a well-maintained driveway is a home improvement investment that is likely to enhance your property’s value.