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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.

The cost to replace a driveway ranges from $8 to $15 per square foot, depending on factors that include material, size, and labor. If your driveway has deep cracks, potholes, or drainage issues (or if it’s simply past its prime), replacement might be the smarter investment over constant repairs. Resurfacing can be a cheaper alternative at $3 to $20 per square foot, but it won’t fix your driveway’s underlying problems.

Recycled asphalt is a durable choice for a driveway, but doesn’t have the same appearance and low maintenance as standard asphalt. For long driveways in rural communities, recycled asphalt can make a great choice. Recycled asphalt is 20% to 30% percent less expensive than standard asphalt and is better for the environment. 

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.