Posted on: 22 February 2016
Cracks in an asphalt driveway reduce a house's curb appeal and make it less enticing to potential homebuyers. It doesn't always make financial sense to repair cracks in your driveway before selling your home, though. Here's how to determine whether you should repair your asphalt driveway cracks prior to listing your home for sale.
Don't Expect a Financial Return
If you decide to repair the cracks in your asphalt driveway, don't expect to recoup the cost of the repairs when you sell your home. Fixing a driveway isn't like putting new countertops in a kitchen or landscaping around a home. Driveway repairs are considered routine maintenance, not upgrades. Prospective homebuyers won't want to pay for your basic home maintenance costs, and, therefore, won't likely be willing to increase the sale price simply because you fixed cracks in your house's driveway.
Thus, you shouldn't approach the decision of whether to repair cracks in your driveway by asking "will this help me get a higher sale price?" It won't. Instead, you should be asking "will repairing my home's driveway help me sell my house faster?" Depending on the nature of the cracks and the real estate market in your area, it might.
Repair Structurally Significant Cracks
If the cracks in your driveway prove to be structurally significant, you should have them repaired before listing your house. If you don't have them fixed, prospective homebuyers will learn about the seriousness of the cracks when they have a home inspection done. Once a prospective homebuyer finds out that the cracks are a structural problem, they may either ask you to have the cracks repaired before closing or back out of the sale -- both of which would delay the sale of your house. By fixing the cracks before listing your home, you can avoid these potential delays.
To find out whether driveway cracks are cosmetic blemishes or structural problems, ask an asphalt paving contractor in your area to assess them. Many asphalt paving contractors offer free estimates. Even if you have to spend a little money to have a contractor check your driveway's cracks, though, the cost will be an investment in selling your home quickly.
Repair Cosmetic Cracks in Slow Real Estate Markets
If the cracks are merely cosmetic, whether repairing them will help you sell your house quickly will depend largely on your local real estate market.
In a slow market, homebuyers have their choice of house and may overlook any that doesn't have pristine curb appeal. If houses aren't selling quickly in your area, you will likely need to repair the cracks in order to improve your home's curb appeal.
In a fast market, homebuyers don't have as much choice. If homes are selling quickly in your neighborhood, prospective buyers might need to overlook cosmetic issues. Since they don't have as large a selection to choose from, they can't be as picky. Prospective homebuyers might not be too happy about the cracks in the driveway, but they may have to accept them if they don't want another buyer to purchase your home.
To find out how quickly the real estate market in your area is moving, contact a local real estate agent and what the average days on market currently is. About Home notes that most real estate agents know this number, which will tell you the average amount of time homes are spending in the listings before they're sold.
Consider Repairing Your Driveway's Cracks
Whether having cracks in your driveway will delay the sale of your home depends on the extent of the cracks and how quickly homes are selling where you live. To find out whether you should have cracks fixed, talk with an asphalt paving contractor near you, such as one from Lakeridge Paving Company. and a local real estate agent before listing your home.Share