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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.

To ensure you hire a reliable and experienced paving company, you should start by finding companies in your area that have at least five to ten years of experience working in your neighborhood. Next, rule out companies with poor reviews online or a series of complaints filed with the Better Business Bureau. Since driveways affect your curb appeal, you should also ask each company for references and pictures of recent work to make sure the work the company does is professional and high quality. Finally, check that the company is licensed and insured.

Common alternatives to a gravel driveway include concrete, asphalt, brick, stone pavers, and permeable pavers. Concrete and asphalt are generally the most affordable options. However, concrete can be prone to cracking in cold climates, while asphalt may soften in areas with high heat and direct sun exposure. For enhanced curb appeal, brick, stone, and permeable pavers are popular choices, though their installation can be more expensive due to intricate designs. Stone pavers offer a natural look and are sometimes installed with gravel around them. Both permeable pavers and brick driveways provide excellent drainage, which helps prevent flooding and reduce water runoff.

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.