Investing in a new driveway can be tough if you do not have extra money saved up. Fortunately, there are plenty of methods out there to get around this issue. Let’s go over the steps for financing your new driveway!
Is a new driveway a good investment?
Investing in a new driveway is a great way to add value to your home. Having a fresh driveway can increase your property value by as much as 10% of what it was. This means that the driveway essentially pays itself off if you ever decide to sell your home. For this reason, there is next to no downside in paving a new driveway on your property.
Not only do new driveways add value to your home, but they also sell the property faster. It is not a secret that an average homeowner is going to be looking for a place that requires little maintenance. With that being said, if your home’s driveway is a mess, then people are going to be hesitant to purchase it. Taking care of it is going to widen the market of potential buyers for your property.
How do you finance a new driveway?
Personal loans are one of the most common methods that people use to finance their new driveway. Simply put, a personal loan is a loan that is unsecured. An unsecured loan is one that does not contain an asset that will serve as collateral for the loan. A personal loan can be used as a home improvement loan. Unfortunately, because personal loans are considered a risk for the lender, the interest rates are higher than your other options. It is worth noting that the process of applying for a personal loan is much easier than your other options.
Home equity loans are another way that you can finance your new driveway. By taking on a second mortgage, you will be able to attain the finances that you need to remodel your property. Once you get the sum of money, you are going to have to start repaying it right away, so tread carefully.
If you want the cheapest and safest option out there, then consider paying for the new driveway with cash. You will likely need to save money over the coming months but doing so means avoiding the interest charges and the origination fees that a payment plan entails.
What type of driveway adds the most value?
Concrete has a longer lifespan than asphalt, and it adds more value to the property. It is important to note that a concrete driveway is also more expensive than asphalt for an initial purpose. The value that it adds to a home is nice, but if you are tight on money at the moment, then there is nothing wrong with going with asphalt.
Asphalt is cheaper than concrete, and it still adds a large amount of value to your property. Although it does not have as high of a value as concrete, asphalt still pays itself off in terms of installation and property value. Asphalt and concrete each have their own benefits, but you are not going to go wrong with either one. Weigh your options and pick the material that you can afford right now, and you are going to reap the benefits down the line.
How can we serve you?
The professional paving contractors at Sipes Asphalt & Concrete know the ideal conditions for pouring concrete or asphalt. Whether it’s a new driveway, parking lot, or crack sealing, we’ve got you covered. Call Sipes for your paving estimate and the best paving solutions in the Indianapolis area.