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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.

Asphalt driveways last anywhere from 15 to 30 years, but if you don’t stay on top of repairs, you may find yourself spending extra to replace your driveway before its typical lifespan. Stay on top of repairing cracks and potholes by routinely inspecting your driveway once or twice a year. It’s a good idea to pressure wash your asphalt driveway at least once a year to keep it clean. Apply a sealer every one to five years, based on your climate.

Many asphalt companies have experience with tar and chip paving, but not all. The process is unique enough—and not incredibly common enough—that you may have to look around for a tar and chip specialist. However, speaking with a driveway company is a great place to start, especially if they have experience with multiple materials.

If your driveway is cracked, you can repave it with a process called asphalt overlay. Overlay is more cost-effective than a full replacement but is better suited for minor cracks and issues. If you have major cracks or other problems like water pooling, asphalt overlay isn’t your best bet. Plus, paving over a cracked driveway only extends the lifetime by about 10 years, whereas replacing it would start the clock over completely to give you up to 30 years.