Concrete or Asphalt Driveway for Rental Property?

Question

Debating on whether to go with a Concrete or Asphalt driveway for my rental property.

Concrete would look better and might add greater value to the property, but Asphalt would cost less and would still add value.

The property currently has no driveway, so I’m sure either option would add value to the place, either way. But I want the most value for the lowest cost.

My intent is to renovate the place and then refinance it into a HELOC. So I want to make the right decision so I can get the most out of the HELOC.

The neighboring houses have mostly concrete, which I initially thought about getting concrete as well, but Asphalt would cost less and would still look nice as well.

Any advise please?

Bruce Woodruff · Answer

Don't overspend on a driveway, there is very little return there....as @Brandon Plombon said, throw that money into the kitchen etc.....

Maybe even go with gravel or DG, depending on the neighborhood. You certainly won't get any more rent by providing a driveway....you will by upgrading the kitchen or baths....

Will Barnard · Answer

There are a lot of opinions above about using asphalt rather than concrete. Cheaper is not always better for your home. In my opinion, if you intend to sell anytime in the next 5 years or so, you should put in there whatever is the most common on that street and in that neighborhood if you want maximum value at exit. Adding items that are subpar from the norm of your neighborhood can adversely affect your sales price.

So rather than asking us, go look at the neighborhood. If it’s 50/50 on the surrounding homes, you can do either, if all but a couple have concrete, then you may very well be better off with the same.

Austin Gabriel · Answer

I would speak to an appraiser and ask if the extra cost of the Concrete is going to make you more than it costs on refinance.

JD Martin · Answer

Asphalt all day long. Tree roots won't break it (unless they get ridiculously big), spots can be patched easier, can be formed to odd sizes easier, won't crack generally (asphalt is pliable), stains are less visible, can be resealed. Concrete lasts longer but looks bad faster, virtually always cracks, stains are obvious, and costs more money.

As for whether or not you should pave a driveway, take your cues from the neighborhood and the competition, or if the existing driveway is a nightmare to keep up. If you don't live in Sasquatch, you can sometimes get better deals during down times. I waited until winter here and got my driveway guy to do two of our properties when they opened up the plant for a week here and there in good weather. That was cheaper than waiting until spring. Generally, once you pave a driveway, you won't mess with it again other than maybe a cleaning or sealing once in a while. Gravel and dirt are a constant maintenance headache.

Concrete or Asphalt Driveway for Rental Property?

Concrete or Asphalt Driveway for Rental Property?

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