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Yes, a paved or repaved driveway can boost your home's value by increasing its curb appeal and the functionality of your outdoor space. A new driveway can add anywhere from $5,000 to $20,000 to a property's value. An old, crumbling driveway can be a red flag for potential buyers and inspectors.

The amount of value added depends on the materials used, the design, and local market conditions. Concrete is often cited as adding the most value due to its long lifespan, though asphalt may be more desirable in colder climates. The return on investment is greatest when replacing a driveway that is in poor condition; repaving a driveway that is already in good shape will not yield as significant an increase in value.

In most cases, you don’t need a permit to repave your driveway, although some exceptions exist. If you’re widening your driveway and plan on widening the apron as well, you’ll usually need a permit from the Department of Transportation in your area. This permit costs between $50 and $300 in most cases. Most municipalities will also require a certified and insured contractor do the work relating to the apron and curb cut. You can contact your building department or ask your paving company if you need a permit. Your driveway professional will usually pull the permit for you.

New asphalt goes through two stages: drying and curing. Drying typically takes 24 to 72 hours, after which the surface is solid enough for light use like walking or careful driving. While you may be able to park on it after 72 hours, the surface is still soft and should be treated gently. Full curing is a much longer process, taking anywhere from 30 days to a full year for the asphalt to reach maximum strength. During this extended curing period, the asphalt is susceptible to damage from heavy vehicles, sharp objects, and high temperatures. Factors like weather, the specific asphalt mix, and application thickness all influence drying and curing times. For the most accurate timeline and to ensure the longevity of your new asphalt, it is always best to consult with your installation contractor for their specific recommendations.

If you notice minor cosmetic problems with your driveway, you should seal it. Look out for cracks and holes on the surface, faded asphalt or concrete, and stains from oil and other chemicals. Replacing your driveway may be necessary if you’re dealing with significant problems—¼-inch cracks, large potholes, and puddles from drainage issues. The cost to install an asphalt driveway typically ranges between $4,200 and $9,000, significantly more than resealing. Consider talking to a professional to discuss whether resurfacing your driveway—a midway project between resealing and replacing—is a better option for you.