Will paving both driveways add value to my rental ?

Question

Hey Eveeryone !! I'm in Bridgeport Ct. I have a 2 family home with a driveway in the front of my house, and another driveway on the opposite street ( back of the house) my tenants use when they come and go  . Both driveways have gravel and never has asphalt down

My question is Is it worth puting asphalt on both driveways? How much value can that add to my property ?

also can I write the entire project off on my taxes ?

Both driveways are about 11ft wide and 48 feet long . I was considering just the front driveway for the appeal it has at first sight .

feel free to chime in. I'm fairly new to investing. This is my first property .

Bruce Woodruff · Answer

I don't think it would add much value. Maybe you do it because it makes the tenants life (or yours) easier? Who clears the driveways after it snows? Also, what is the neighborhood like? Are all the driveways paved? That might make a difference....

John Woodrich · Answer

So you are saying that if he has a $300k property, that the new driveway will increase the value to $315k-$330k?  I am not buying it.  IMO from a value standpoint it is hard to get back 100% of a driveway investment when you sell.

From a rental standpoint - sure it will add some value - tenants would much rather like parking on a driveway than dirt.  But are they willing to pay more for your house with 1 of 2 driveways paved?  Maybe but not likely much.

This will depend on your area, overall quality of your house, etc. If you are in a nice area it could be reducing your tenant base/rent but if you are C/D it is unlikely that the tenants will be willing to pay much.

I don't know what it looks like but unless it is very bad or you think that your quality of tenants is being affected I would hold off until you sell.  Will save some heartache from when the 1982 ford causes oil stains all over.

Adam Widder · Answer

Absolutely. Not sure on exact %, but from a use perspective, I'm in the Minnesota, so not having it paved would be a wreck once snow falls. Terrible shovel or plow.

Bogdan Constantin Stefanide · Answer

Paved driveways could add around 5-10% to the property's value