How Much Does a Driveway Add to Property Value?

What Affects the Added Property Value of a New Driveaway?

There are quite a few factors that impact how much value a driveway can add to a home. These include things like location, size, how much the driveaway costed to build, and much more.

Size of Driveaway

The size of the driveway is going to have a substantial impact on the value you add to your property. If you’re creating a large driveway, you’ll be able to place more cars on it. Thus, making it more attractive to families and professionals with multiple cars.

With parking at a premium, having a large driveway is a sought-after feature. If you can provide a significant space for parking cars, you will add a good level of value to the overall property.

Location

Location will also have a big impact on the kind of value a driveway will add to your home. If the area your property is in is desperate for parking, you’ll make significantly more from a new driveway.

Parking can be a pain for individuals who live in urban areas. Permitted and restricted parking is on the rise. So, having a driveway will make the home much more attractive to both buyers, and therefore valuations.

Building Costs

The cost of building the driveway is going to have an impact on the value added to the house. If you’re dumping tons of money into a big driveway, you better have worked out your profit to make sure it’s a worthwhile investment.

For example, if you’re adding a driveway to a £300,000 house, you’ll be looking at adding an absolute max of £30,000 to the end value. This is best case scenario. If the driveway costs more than this, you’ll be making a loss.

Consider your profits before jumping into a big project.

Driveway Material

The material the driveway is made from will also impact the value. Some driveway materials are sturdier and last longer than others, so picking the right one will determine the final valuation.

For example, if you’re after something luxurious and lasting, opting for printed concrete is a good choice. It is hardwearing and is smooth to drive on. For cheaper options, going with something like a paved driveway will save money but will require more maintenance in the long run.

When Can a Driveway Decrease the Value of a Property?

Although a driveway will add a value to a property by 5-10%, there cases where it can actually decrease the value. So, it’s important to be on your wits. This usually occurs because the driveway wasn’t planned properly.

Here’s a few ways a driveway can decrease the property’s value:

- The curb isn’t dropped: It is illegal to drive over a curb/footway without a dropped curb. If the driveway has been built without this consideration, you could hurt the final valuation.
- The driveway maintenance needs are too high: If you choose a cheaper option for your driveway, you could create a lot of maintenance problems for prospective buyers. Therefore, lowering the price and interest.
- The driveway hasn’t got suitable drainage: If the driveway is prone to flooding due to poor drainage, the valuation will be negatively affected.

How Much Does It Cost to Build a New Driveway?

The cost of a driveway is dependent on how big it is and what materials you use. A lot of the costs you’ll never actually see. About 80% of the price goes into ground and sub-base preparation. 20% goes towards the paving.

On average, if you’re opting for an average 60m2 driveway, you’ll be looking to pay around £2000-3000.

Summing it up

A driveway can add as much as 10% to your property’s value. Of course, there are a few factors to consider, and you need to make sure you don’t go overbudget.

However, if everything checks out and there is demand in the area, you could make a good profit off a driveway project.

To learn more about what increases the value of your property, see our knowledge centre for more information.

Related Reading

• How Much Does a Detached Garage Add to Property Value?