How Much Value Does a New Driveway Add to Your Home?

How much value does a driveway add to a house?

Adding a new driveway to your home is a great way to increase the curb appeal and value of your property. But how much value does it actually add? In this article, we'll explore this question to help you decide whether a driveway is worth the investment or not.

It can be difficult to estimate how much value a new driveway will add to your home without carrying out a specific survey. However, some experts believe that large driveways with off-street parking can add up to 10% to the value of a mid-range priced property. Smaller driveways with little to no off-street parking may only add around 2-4% value.

What affects the cost of a new driveway?

The total cost of building a new driveway will depend on several factors. Your location, the material you use and the size of the driveway are the main drivers of cost. If your property is in an expensive area, you can expect to pay a premium for labour, but materials may actually be cheaper due to higher demand. Likewise, if you choose a more luxurious material such as block paving or a resin-bonded surface, the costs will be significantly higher than a simpler asphalt style. The size of the driveway will also play a role – larger driveways are obviously more expensive than smaller ones.

Do you need planning permission to create a new private driveway?

In most cases, you won't need planning permission to create a new driveway on your property. As long as it's within a set size limit and meets certain drainage requirements, you should be able to carry out the work without needing any special approvals. However, it is always best to check with your local council before starting any work.

Which driveway types add the most value?

In general, larger driveways with off-street parking will add the most value to your home. Driveway materials can also make a difference – block paving, resin-bonded surfaces and gravel are all good options if you want to add a bit of luxury to your property and increase its value. Finally, adding a dropped kerb to your property can also add value by improving access and convenience. 

Is it possible a driveway will decrease my property value?

Although unlikely, it is possible that a poorly designed or constructed driveway could reduce the value of your property. To avoid this, it is important to hire a reputable contractor who has a good track record of installing quality driveways. Also, make sure that any drainage, paving and foundations are done to industry standards and can withstand the elements. Finally, avoid over-building the driveway - it should fit within the proportions of your home, garden and surrounding environment. 

In conclusion, adding a new driveway can be a great way to improve the value of your property and increase its curb appeal. However, it is important to consider all the factors before diving in head first. Make sure to research materials, check whether you need planning permission and hire a professional contractor to ensure the job is done properly and safely.