There are a lot of questions that come up when you’re thinking about selling your home. One of the most common is whether or not to make renovations. Another question that often comes up is whether or not to widen the driveway. You’re probably wondering whether or not widening a driveway will increase home value.
We will break down the project to help you determine if it’s a good fit for you.
Deciding on either of these things can be challenging, but it’s essential to weigh your options and make the best decision for you.
Widening your driveway is a costly project.
Expanding your driveway from a single-car width to a double-car width (or more) is a costly project. The typical price range for this work is $1,500 to $4,000. Of course, different factors will affect the cost. Is your driveway on a slope? What’s the cost of concrete in your local area? Do you want 4″ or 6″ thick concrete? How wide do you like it? Most contractors will quote the project based on cost-per-square-foot.
Despite the hefty cost, you may be disappointed if you’re hoping that this project will boost your home’s value.
While some homeowners report seeing an increase in their home’s value after widening their driveway, it’s not a guarantee. Ultimately, whether or not this project is worth the investment depends on several factors.
The primary factors that affect a home’s value are:
- The total square feet.
- The number of bedrooms and bathrooms.
- Location of the house.
- Current condition.
Some features can affect the value, but not nearly as much as you put into them.
Let’s look at pools. They’re highly desirable, and one would think it would be a massive boost to a home’s value. A pool in Central Texas, for example, can cost upwards of $80,000. While the house will be very appealing, the average price increase for the home is about 5-7%. So, you would only be able to recoup $5,000 of the $80,000 you spent on the pool.
The same goes for a driveway. You may be able to recoup some of the costs by increasing your home’s value, but it’s unlikely that you’ll see a 100% return on investment. If you’re planning to stay in your home for the long haul, a more expansive driveway may be worth the investment for your peace of mind and convenience.
You’ll love it, but so will potential buyers.
Whether you plan on selling the home or staying, a more expansive driveway will be a welcomed feature.
You’ll no longer have to worry about fitting both cars in the driveway, and you’ll have plenty of extra space for guests to park. Those with a single-car width driveway understand the struggle of moving cars around to get in and out of the garage. It can be like a mosaic puzzle.
If you plan to sell, though, a wider driveway will be a definite selling point for potential buyers. When more buyers are interested in your property, your chances of having multiple offers increase, and the offers will be higher.
Of course, homeowners want to get a return on their investment, but keep in mind that the return is not always monetary; you can still enjoy the upgrade even if the home’s value doesn’t increase.
So, does widening a driveway increase home value?
Widening a driveway does not increase home value directly or much at all. The appeal of having a wide driveway might entice more buyers to place an offer. This could generate higher offers.
Remember that despite higher offers and more interest in your property, a home appraiser still needs to assess the property’s value. They won’t look at the width of the driveway as close as they will to the square footage or total rooms.
Whether or not widening your driveway increases the value of your home depends on many factors. Regardless of the value of the home increases, you can bet that you and anyone that buys the property will enjoy having a wider driveway.
If you’re considering this project, be sure to do your research and talk to an expert before deciding. Check with home appraisers in your local area to get their opinion on whether or not a driveway will increase home value.
