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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 paving offers several benefits, including cost-effectiveness and a quick installation process. It provides a durable and smooth surface, making it ideal for high-traffic areas. With proper maintenance, asphalt also offers longevity.

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.

Sometimes, when people talk about asphalt driveways, they’re actually referring to asphalt concrete, which is a completely different compound. Asphalt concrete is asphaltic cement combined with sand or grit. It is significantly more lasting and durable than regular asphalt but also much more expensive. If you’re considering using asphalt concrete, ask an asphalt company for their expert opinions.