Posted: Fri May 09, 2008 3:57 am Post subject: Does driveway construction increase home value?
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? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
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. _________________ Good is the Enemy of Great.
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. _________________ Scott McKay
FreeOnlineCreditGuide.com
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
jacko Guest
Posted: Sat Jul 25, 2009 9:04 am Post subject: drive way cost and value
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.
brian knows whereof he speaks. the value of the property is not going to be elevated by the mere repair of a driveway. _________________ George M. Akerley
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