There is little doubt that a nice new driveway will increase the value of your home. Interestingly, it can also increase your income potential if you live in a city like Melbourne. You’re probably aware that city parking is minimal and expensive. You can connect with dedicated businesses offering parking Melbourne and rent your driveway to the right bidder. It will earn you money without affecting your enjoyment of your home.
Here’s how the new driveway will make a big difference to the value of your home:
Aesthetics
If you’re looking to sell your home the first thinking people will be looking at is curb appeal. The greater the curb appeal the more interest a house will get and the greater its value. In short, it’s all about supply and demand.
A new driveway will make your house look stunning. It will draw the eye to the house, ideally to the front door, and enable people to picture living in your home.
Of course, a well-presented driveway also tells people that you look after your home. That helps with increasing the value.
Choose Your Material Carefully
When considering materials for your driveway, prioritize a sturdy foundation, particularly crucial for concrete driveways. A well-chosen base material plays a vital role in durability and load-bearing capacity. Opting for a solid base made of crushed stone enhances stability and supports heavy loads effectively. This foundation not only improves longevity but also aids in proper drainage, reducing the risk of cracks and long-term damage.
In general, it’s cheapest to add gravel to existing land and create a driveway however, gravel does little to enhance the value of your property. Instead, you should choose concrete or asphalt. This is hard wearing and offers a definitive benefit; level parking.
Of the two asphalt is generally cheaper per square foot and looks better. You can even choose the color of the asphalt.
Convenience
A new driveway is convenient for you and for anyone looking to buy your home. You’ll be able to drive right up to your front door and won’t have to worry about what you’re standing in when you get in and out of your car. You can even drive straight into the garage.
Safer
Having your car on the driveway instead of the road is safer. This will reduce your car insurance premiums and make you feel more confident about purchasing that new car! The fact that your car is safer means your house will be more appealing if you decide to sell.
Landscaping Opportunity
A new driveway will help you to define the front yard and entrance to your home. You’ll have the opportunity to create defined areas to each side of the driveway and this will help you to minimize maintenance of the driveway.
Getting the landscaping right highlights the driveway and even accentuates the position of the house. You simply need to take the time to design it first, this will ensure it has maximum impact and adds as much value as possible.
Final Thoughts
You should note that much of the value of your home is derived from how appealing it would be to buyers if you decided to sell. For that reason, if you’re planning on installing a new driveway you should consider what will appeal to the majority of people. This will help to ensure the driveway adds value to your home.
