Homeowners frequently want to know if the home improvement they have planned will increase their home value. We get this question about paver driveways frequently and, unfortunately, the answer is “it depends.”
Sure, a paver driveway will increase your home value at least a little. But, will the increase be enough to justify the project for you personally? That’s much harder to say. Your home, current driveway, market, and so many other factors will play into whether a paver driveway is a good investment. That said, we can still give you some guidance to help you determine if a paver driveway might be the right option to increase your home value.
What Does the Research Say?
Every year Remodeling releases a very valuable report about the relative value of home improvements and which create the highest boost in home value relative to how much they cost. However, Remodeling does not track paver driveway projects. That said, Remodeling has found that exterior projects (like replacing front doors and garage doors or altering siding) have among the strongest returns on investment.
The organization argues that curb appeal and first impressions are critical in real estate. The look of a home from the outside matters to potential buyers, and it will help set their expectations for their tour. You can turn away a buyer immediately if the exterior of your home is in poor shape or doesn’t look attractive.
While there are no hard numbers on it, this suggests that a paver driveway would be a good option to increase the value of your home. Like other exterior changes, adding pavers can make a dramatic impact on the curb appeal of your property, which can improve its value and shorten the time that it is on the market.
When are Pavers a Good Option?
There are plenty of great remodeling projects to choose from, and you probably are working on a limited timeline and a limited budget. So, when should you choose to do pavers over other options? Here are some signs that a driveway upgrade is the right choice for you:
- Gravel: Those who have a gravel driveway will get a bigger value increase by finishing it with pavers.
- Curb-appeal focus: Has your real estate agent told you that the curb appeal of your home needs to be improved? Or, can you just tell? Pavers are an excellent option.
- Neighborhood: Are paver driveways common in your neighborhood? Being the only home on your street without one could hurt when it comes time to list.
- Major projects: If the other projects that you are considering have a higher payoff, it might be worth tackling them first.
- Budget: If you have the right size budget for driveway pavers, then it is more likely to be a good idea. You don’t want to end up taking on a major kitchen remodel or other project when you don’t quite have enough. Better to choose something a little cheaper and ensure that it is done right.