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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.

Whether you should resurface or replace your asphalt driveway heavily depends on its condition. If the foundation is solid and the damage is minor, resurfacing is your best bet because it’s more affordable and faster than replacing the driveway. But if your driveway has foundational problems and/or severe damage, like large, deep cracks and potholes, then it makes more sense to replace it. 

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.

To maintain their strength, asphalt driveways and parking lots need to be sealcoated once every two to five years. You may also need to reapply paint striping every few years as it fades to ensure drivers can safely navigate the parking lot.