Does driveway construction increase home value?

Guest

I live in a 2 bedroom apartment. The garage has been converted to create another bedroom. There is a concrete driveway but it needs repair as otherwise it makes parking on it impossible for cards. Suppose I reconstruct the driveway, is that going to increase my home value?

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Shane.

Welcome to the forum.

It may increase your home value to some extent as you have improved your house by constructing the driveway.

BTW are you going to sale the property? Is it a mortgaged property? If you are not selling the property then it will just help you to make parking Smile

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Posted: Fri May 09, 2008 5:40 am Post subject:

Welcome Shane.

Property worth will increase as you have repaired the driveway but in comparison to the other properties in your neighborhood it will not increase more. What I mean to say is you property value will be same as the other properties in the neighboring area.

Hope I make it clear.

smckaybiz · Posted: Mon Jun 09, 2008 7:46 pm Post subject:

I also think if you plan on living there for a while and don't have a lot of money I might consider repair work over reconstruction. I don't think the value of your home is going to increase as much as it costs to have the driveway rebuilt.

brian1 · Posted: Fri Jun 20, 2008 9:41 pm Post subject:

In most cases it will not increase more than the cost to put the driveway in

Brian

Guest

would there be an expected increase of the property value if there is currently no drive and no access?

sara · Posted: Mon Mar 30, 2009 1:39 am Post subject:

Hi matt,

The value of your property would increase only if you add something to your property or go in for some home improvements. If there is no drive or no access then, it won't increase the value of your property.

Take Care

Guest

I looked at a home recently that needed driveway repairs. It didnt affect the negotiation process as a must do. It didnt affect the value of the house. More important aspects were the electrical and mechanics for eg. septic, the roof etc. These significantly dropped the negotiated final sale price of the house. An updated home for eg. a new driveway etc. will always reap market value vs an unupdated home. A home with no updates will be negotiatated down!! Or else buyers will walk. Its always important to update your home even in the form of a new driveway. Laughing

gmakerley · Posted: Mon Jul 27, 2009 9:15 am Post subject:

brian knows whereof he speaks. the value of the property is not going to be elevated by the mere repair of a driveway.

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