If you’re looking to increase the value of your home, whether you are just doing upgrades or looking to sell, replacing your driveway is one of the best ways to do that. A new driveway that looks as great as it functions can ad thousands of dollars in value and in some cases even more. So just how much does that type of investment cost?
Overview
The typical price for an asphalt driveway is $5 to $7 per square foot. A concrete driveway costs typically $10 to $15 per square foot. Asphalt is ultimately the best option in terms of being able to better hide wear and tear (i.e. oil stains, and gasoline damage) and durability in extreme climates. This results in a reduction in the need to clean asphalt and maintain it, which increases the lifespan (and aesthetic value) of your driveway. One must also consider the ownership expectancy of the occupants. If you work for a company and expect to be transferred to another city or even country at some point in your career then paying the extra for a concrete driveway may not be financially prudent.
We Recommend Asphalt For Kitchener-Waterloo Homeowners
As leading professional contractors of blacktop driveways in Kitchener-Waterloo, our crew highly recommends asphalt to homeowners throughout the Waterloo Region as asphalt is more durable in colder climates. We provide free cost estimates for homeowners throughout the area. We are also exceptionally fast and will quote almost any project within a day from calling. We can also recommend any cost saving solutions if we see any possibilities.
New Driveway Installation Costs
Installing a new driveway in front of your home is an expensive renovation project when you factor in the cost of labor and materials; however, you can look at it as an investment into your home that returns a value especially if you’re interested in selling your home. What does that investment look like?
Labor and material costs will vary depending on your location. The Ontario average for asphalt driveway installation is around $8 – $16 per square foot – this includes materials and labor – or $2,000 to $12,000. Driveway material costs in Kitchener, Waterloo, Cambridge and Guelph fair lower compared to the overall Canadian average.
Asphalt materials are also around 45-50% cheaper than concrete – something to consider when you’re choosing between an asphalt and a concrete driveway.
These costs are just averages, most homeowners will see fluctuations depending on a variety of other factors including:
- Project scope
- Size of driveway
- Complexity of driveway shape
- Driveway & property location
Driveway Replacement Costs & Factors
Replacing an existing driveway typically costs less depending on the severity of damages and whether a contractor will need to take out existing materials ( if you want to replace your concrete driveway with asphalt, that may cost more). The average cost is typically $10 – $15 per square foot, and accounts for:
- Existing material removal
- New material costs
- Labor costs
When replacing your existing driveway, you’ll want to consider additional factors outside of upfront cost like:
- Complete replacement (if your driveway needs it) ensures your investment lasts upwards of 30 years
- Replacing your existing concrete driveway with asphalt could provide more stability in colder climates like Kitchener-Waterloo.
- The curb appeal of a new driveway can increase your home’s market value and help it stand out from other homes on the market.
Final Thoughts
For most homeowners, an asphalt driveway is the recommended choice. However, it is important to beware of unprofessional driveway people. In the recent past we have heard of many stories of contractors showing up and offering incredible paving projects for incredibly cheap prices. Unfortunately, it doesn’t take long for these unsuspecting homeowners to discover it was too good to be true…and for a bad paving job to look bad. A good driveway project cannot be completed in an hour or two or even in an afternoon. Please beware of these ‘fly-by-night’ paving people and always go with an asphalt company that is established and has been reviewed and has a track record. Contacting MG Paving ensures that you are speaking with carreer professionals in the paving business.