Circular driveways are often expansive, flowing, and extravagant features to add to a house, but do they add any value to the property?
In truth, any driveway adds value to a property, therefore a circular one certainly would add value. They’re more impressive than a regular, short, straight driveway, so the value would be increased even further. It’s estimated that your ROI will be at least equal to what you paid for the driveway.
Read on to learn more about the options available for driveways, and how they contribute to the valuation of your home.
Driving Up The Value
It’s no secret that we live in a very urban and technological age. There are hundreds of millions of cars on the road, and ultimately, they all need a place to be stored.
There are several options at your disposal when it comes to storing your car. For example, you could simply leave it at the side of the road, hide it away in a garage, or even an allocated parking space outside your home.
However, one of the most popular options across the United States is to leave your vehicle displayed (often proudly) on a driveway. This option means your vehicle is off the road, relatively safe, and parked up for all the neighbors to see.
That latter point is particularly important if you have a nice car and want to show it off. There are those who’d say it’s a crime to hide a powerful or expensive car in a garage, and it should be almost exhibited on a well-built driveway.
Driveways have been around for centuries, at least as long as humans have used things other than their own feet for transport. Since the age where the horse and cart were prevalent, people with the money and space have opted for driveways leading up to their property.
They’re a sensible investment, after all – it’s estimated that the return on investment for a driveway is at least the money you put down for it. There are some agencies who estimate a return of around five to ten percent of your property value.
So, working with a practical equation, let’s say that your home is worth around $500,000. If you built a driveway, the value could climb to anything from $525,000 to $550,000 – a considerable increase indeed.
This value increase would likely rise exponentially as your driveway-based creation increases in size, stature, and extravagance. If you commission the construction of a lengthy, circular driveway, you’ll be able to expect a fair return on your property value.
It All Comes Full Circle
Let’s be blunt – there’s no chance you’ll be able to have a circular driveway unless you’ve got serious upfront capital and a lot of free space. These are the creme de menthe of driveways and often exude wealth and status.
There are few things more impressive in the homeownership stakes than having cars drive hundreds of meters up a driveway towards a luxurious home. It offers your guests a fine look around your property as it stands before them at the head of the driveway.
The circular driveway enables them to get even closer to the door than a straight driveway, and they don’t need to turn around again to leave. If you’re hosting a massive function, any guests arriving by taxi or chauffeur-driven cars simply pull around, disembark, and the car saunters away again.
It’s estimated that a new driveway can cost anything from two to fifty dollars per square foot. This figure depends heavily on the company used, the space being converted, and the materials used.
Of course, a circular driveway would incur a much higher bill than a standard driveway, given that the working area would be much bigger. Although, this does then almost immediately lead to a bigger return on investment when it comes to the value of your property.
The Advantage Of The Choice
Ultimately, a circular driveway offers a little more choice than a standard driveway. There will almost always be some kind of feature at the top of the driveway, around which the circle will be built.
The majority of these features tend to be water fountains, tree or plant life, or some kind of statue or sculpture. It’s totally your choice what goes here, and this feature will undoubtedly lend further value to the property.
If you’ve got the room and upfront capital, you should definitely consider a circular driveway. There are few better ways to approach your home, display your vehicles, and make use of open space.