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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.

When hiring an asphalt paving contractor to install your driveway, ask as many questions up front as possible. Here are a few questions to ask a prospective driveway contractor:

• How many years of experience do you have?

• Are you licensed, bonded, and insured?

• Do you have worker’s compensation?

• Do you use subcontractors on your projects?

• Do you clean up after the job is done?

• Who is responsible for any damage to lawn or landscaping?

• Do you provide a guarantee or warranty on your work?

• Do you give free estimates?

• What is the timeline for completion?

• How do you handle change orders?

• Can you provide at least three references?

• Can I see some of the work you’ve done?

You should contact your driveway installer before winterizing a newly installed driveway. Winterizing it before the asphalt or concrete has fully cured can damage the driveway. But in many cases, you don't need to winterize a newly installed driveway anyway since it's likely freshly sealed and won't have much damage yet.