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New Driveway ROI

Driveway ROI

Most businesspeople responsible for making purchasing decisions for their companies understand the importance of ROI (Return on Investment). Put simply, ROI measures the amount of return you’ll receive after making an investment. But even if you are familiar with ROI in a business sense, you might not realize that home improvements have an ROI as well, and the greater the cost of the improvement, the smarter it is to consider the ROI you’ll realize as a result. When it comes to a new driveway, the best way to determine the ROI is by estimating how much the new driveway will add to the value of your home. Although there are many variables involved, one thing is certain: a new driveway will most definitely add to the overall value of your property, not to mention its curb appeal.

When determining the amount of value a home improvement will add to your home, the single most important consideration is the selling price. Even if you don’t plan on selling your home any time in the near future, it’s still helpful to get an estimate of how much an improvement – in this case, a new driveway – would increase your asking price, even if it’s only theoretical. Most studies show that a new driveway can increase the value of your home by as much as 10%. Knowing that can help you decide how much you want to invest in your new driveway, and that can help determine what type of new driveway you’ll want to invest in – asphalt or concrete.

Both of these materials are excellent choices for virtually any climate. Both are durable materials that typically last for many years – often for decades, in fact, if the surface is well maintained. There is some difference in appearance, of course. Traditionally, asphalt has been very dark in color and concrete has been a lighter gray. But new advances in how these materials are made and installed provide a much wider variety of color options. Typically, concrete is a bit more expensive than asphalt. So your choice will depend on how you want your new driveway to look, as well as the cost involved and what you believe your ROI will be for your new home improvement.

To better estimate the current value of your home, check comparable properties in your local area. And for more information about new driveway possibilities, contact a local, reputable paving contractor.