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Yes, repaving a driveway increases a home’s value, but the extent to which it increases depends on the materials, design, and overall market conditions in your area. Additionally, if your existing driveway is already in good condition, then repaving it won’t yield as much of a value increase as it would if your existing driveway is in poor condition.

An asphalt driveway costs between $3,150 and $7,400, depending on the size of the driveway and the depth of the asphalt. Expect to pay between $2 and $6 per square foot for materials and $5 to $7 per square foot for labor. Although installing asphalt yourself will save you on labor costs, it might ultimately cost you more when you make a mistake.

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.

It takes recycled asphalt 48 hours to initially harden and up to 3 months to fully cure. It’s best to stay off of recycled asphalt for at least 48 hours, then you can walk or drive standard vehicles on it. Hold off on driving heavy trucks or equipment on it for at least 7 days. Allowing the surface to melt together and harden ensures that the surface stays durable and long-lasting.