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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.

Paving is a part of hardscaping, so all paving is hardscaping, but not all hardscaping is paving. Paving involves laying down concrete or asphalt, while hardscaping can also include the use of paving stones, bricks, gravel, wood, and more. Hardscape features that involve paving are considered permanent and will increase your property taxes, while some other hardscaping features—like those involving bricks, gravel, and paving stones—will not affect property taxes. Paving also typically requires a permit, while hardscaping features considered temporary will not.

While paving a driveway is possible to do as a DIY project, we don’t recommend it. Hiring a driveway professional to pave it will ensure that your driveway looks neat and clean and lasts for years to come, and it will also prevent a weak driveway and, potentially, damage to your foundation. Paving a driveway requires heavy machinery, and while you can rent the equipment needed, operating it close to your garage slab or around your home’s foundation can crack it and lead to structural issues. 

If your driveway is cracked, you can repave it with a process called asphalt overlay. Overlay is more cost-effective than a full replacement but is better suited for minor cracks and issues. If you have major cracks or other problems like water pooling, asphalt overlay isn’t your best bet. Plus, paving over a cracked driveway only extends the lifetime by about 10 years, whereas replacing it would start the clock over completely to give you up to 30 years.