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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. 

Driveways should be sloped with a minimum 2% slope—anything lower will cause precipitation and runoff to collect. A 2% slope is the equivalent of a 2-foot rise over 100 feet. One quick way to check the integrity of your driveway’s slope: no more than four inches of water should collect on the surface longer than 15 minutes after rain.

The choice between asphalt and concrete depends on your priorities, budget, and climate.

Concrete is generally more durable, lasting up to 50 years with minimal upkeep, and offers more customization options like staining and stamping, which can add more to a home's value. However, it is more expensive upfront and can be prone to cracking in cold climates where water can freeze and expand.

Asphalt is typically cheaper and quicker to install and is easier to repair. It performs better in colder climates. However, it requires more maintenance, including regular resealing, has a shorter lifespan, and can get hot and sticky in intense sunlight.

Ultimately, if durability and long-term value are key, concrete is often the better choice. If upfront cost and performance in cold weather are more important, asphalt may be preferable.