Your home will probably represent the largest investment that you will make during your lifetime. However, a house is not only a monetary investment. it is also an investment in family happiness – and a place where you can retreat from the stress and increasingly frenetic pace of the modern world.
That said, you are always going to be looking for ways to increase the value of your property investment, that’s simply good sense. It’s an asset that can provide the foundation for your financial stability. And, if one day you should decide to move homes for whatever reason your property value will be one of the factors that inform your purchase of the next property that you buy. It almost goes without saying that the greater the price you can obtain, the greater the possibility of making a new investment decision that is free from the stress caused by obtaining finance – and the greater your choice.
So when it comes to improving the value of your current home what are your choices? Many real estate professionals cite improvements that will not break the bank, such as updates to the kitchen and bathrooms, improving landscaping, painting, or updating and replacing items such as light fixtures.
However, if you own a home in Dublin with a driveway it is worth considering that paving the driveway can significantly increase the value of your home. There are a number of reasons that an attractively paved driveway attracts buyers to a property – and improves the chances of getting an offer to purchase that is in line with your most optimistic estimates. Read on to find out why driveway paving in Dublin homes can increase their value.
First Impressions Count
One of the first factors to consider when paving a driveway is the curbside appeal. An attractive driveway is one of the first features that any buyer will see when they visit the home to see if it meets their needs. A driveway that appears neglected will serve as a red flag to any potential buyer – it’s a signal that maintenance of the home itself may have been neglected.
Aside from that first impression, buyers will be aware that a driveway with cracks or damage tends to snag high heels, damage motor vehicles, create dust and require almost constant attention. In this day and age of increased time pressures, no one wants to be faced with weekends of driveway maintenance.
Many homeowners may maintain that their grassed-over driveway is attractive and adds to the welcoming ambiance of the home. However, the fact still stands that a grassed driveway requires ongoing maintenance, especially if an area is subject to inclement weather.
Taking these issues into account it is clear that, a neglected or unpaved driveway will also impact the opinion of visitors to the home – so the prospective buyer will already be subtracting the cost of a new driveway from any offer that they may make and their estimate is probably going to be skewed towards a higher cost than is actually the case.
Fitting in with the Jones’s
Many buyers are basing their purchase decisions on the neighborhood where they will be living. A well-kept neighborhood where each and every driveway is paved and front yards are well maintained creates a positive opinion. It is viewed as safe, suitable for walking or jogging and a place that offers a generally pleasant quality of life for them and their family. An unpaved driveway sticks out like a sore thumb – and ruins the mental picture that they have built of the nighborhood. The result will often be an offer (if one is forthcoming) that is substantially lower than the expectations of the current homeowner.
Return on Investment
So, there are multiple reasons to ensure that your driveway is paved to the highest possible standards. But there is always the concern about sunken costs. However, the homeowner in Dublin is provided with a number of choices when it comes to the type of paving that they choose. They are in control of just how much they will spend on that paving to ensure that the return on investment will justify the amount that they are spending. The choice of materials used to pave a driveway means that the expenditure can be carefully matched with returns.
They will also need to take into account how much maintenance they are comfortable with – and the aesthetics of the driveway material.
When it comes to paving a driveway there are three options that usually are top of the list of materials. Asphalt, concrete, and pavers (brick being only one example).
Asphalt driveways represent excellent value for money. They will generally last between 15 and 20 years (weather dependent) but will require professional attention every 3 – 5 years to make sure that they do not degrade to the extent that they will require complete replacement. Asphalt is also a go-to choice for homeowners who are interested in sustainability as it can be ground up and reused. Modern asphalt is also available in a number of finishes and colors.
Concrete is tough, that much is pretty much self-evident, but it’s worth noting that studies show that concrete will typically last around 50%-60% longer than asphalt. about 25 – 50 years with proper maintenance by professionals. When the concrete material is applied in slabs it is also incredibly weather resistant and its weight-bearing properties mean that it will cope with extremely heavy loading. When the sun shines it also remains fairly cool – which makes it more pleasant to walk on barefoot than sometimes blisteringly hot asphalt.
Those homeowners choosing pavers have a huge number of different materials to choose from. There is the aforementioned brick, as well as cobbles, natural stone, or concrete pavers that have been designed to imitate a number of naturally occurring materials. However, depending on choice pavers can be a more expensive option when it comes to driveways. The fact that pavers can be expensive needs to be balanced with the fact that this option can dramatically increase the curbside appeal of a property.
Pavers can also be easily replaced and materials like cobblestone is incredibly hard-wearing. A cobblestone paver driveway can represent a generational investment, lasting up to 70+ years with proper maintenance. However, speaking of maintenance, Pavers require labor in order to maintain their attractiveness. This may be labor of love for some homeowners, but others may find regular trimming of intruding grass and weeding a bit too much.
So, will driveway paving increase the value of a Dublin house? Without a doubt – and it will improve the quality of life of those who are currently residents on the property.