Denoting monetary value on driveway?

[Amy Perkins]

The cost of a driveway does not equal the value of a driveway. I don't care about driveways or fireplaces or any other item, it's an overall thing.

 

[Vermonter]

If paved driveways are typical in the neighborhood and your house has gravel, its more likely that your value will be negatively affected compared to the comps.

And on the flip side if gravel driveways are typical, there may be no value benefit from the asphalt at all. In my climate asphalt on a long rural driveway becomes a maintenance liability, so no one will pay more for them.

Really depends on your market.

 

[ramrcdk]

And on the flip side if gravel driveways are typical, there may be no value benefit from the asphalt at all. In my climate asphalt on a long rural driveway becomes a maintenance liability, so no one will pay more for them.

Really depends on your market.

Really DOES ...
1. Covenants for the development??? NEED to comply.
2. Around here in an "area" and NOT necessarily a development with construction restrictions : an upscale pea-gravel (for example) type drive is found in high-end homes >million.
and 3. to extract appraisal differences from market would rarely reveal differences in driveway costs or return in value differences.

 

[Salty]

And just to mix it up a bit - in my area - a home with a gravel driveway in a good school district would not suffer any decline in value due to lack of inventory. Buyers in this area will do whatever they can just to get into a home. For example, over the last few months I have easily proved that homes with no basement finish are selling for the same and more as those with finished basements in the same developments. Buyers are willing to pay the same for less because they are desperate for a home. So you would have to look at things like supply and demand. Other than a line item adjustment for cost to build a driveway, I doubt I would be able to extract what portion of overall value is attributable just to a driveway.

 

[sputnam]

An appraiser certainly can, given adequate data, extract and report the value of a concrete driveway. In a typical, residential appraisal performed at the request of a Lender, that's not going to happen. If you engage the appraiser, you may request anything you want to as long as you don't want the appraiser to violate the law or appraisal regulations. The appraiser can refuse. If accepted, the appraiser can demand any fee. If I agreed to do that for you, it would be expensive.