When to Spend Money on a New Driveway — & When Not To

Cost: More Than a Furnace, Less than a Roof (Usually)

One of the biggest stealth expenses for homeowners is a new driveway.

Depending on its area and construction material (concrete vs. asphalt), the cost can easily exceed $10k.

When should would-be home Sellers contemplate replacing it?

(Note: even when the driveway is practically unpassable due to cracking, heaving, etc., I can’t remember ever seeing it called as a city-required repair — at least in cities that have point of sale inspections.  Nor is a worn driveway a legitimate Buyer’s inspection issue, given its all-too-apparent nature.)

The Consistency Criterion

My 2¢: the most important variable in deciding whether to get a new driveway isn’t the condition of the driveway — it’s the condition of the (hopefully attached) house.

By that, I mean if the home is in terrific condition but the driveway is a mess, the Seller is well-advised to replace it.

Prospective Buyers will be put off by the latter — some to the point of even skipping the home altogether (in which case the discount is theoretically infinite, never mind the $10k the Seller might have spent).

By contrast, a new driveway in front of a tired home isn’t going to help the sales price.

When that’s the case, Sellers should skip the expense, except for perhaps doing some cosmetic patching.

P.S.: What’s usually much less important to Buyers than the driveway?  The condition of the garage floor, typically a concrete slab.

Unless it’s conspicuously heaved, looks like a giant jigsaw puzzle and/or appears that the San Andreas Fault is running through it, Sellers can usually avoid spending money on it — at least at lower price points.

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