Mortgage financing: Do banks really care if your driveway is paved?
I'm looking to take out a mortgage on my house and I've heard that paving my driveway will increase the value of my house. Should I do this before so I can take out a larger mortgage or will it not dramatically make a difference? It's a pretty substantial financial decision so any and all advice would be greatly appreciated.
Answers ( 1 )
This is going to be heavily dependent on your location.
To take an extreme example, if property values have escalated dramatically since you bought your house, it could easily be the case that any realistic buyer would be planning on tearing down your house and putting up something newer. In this case, a paved driveway might decrease the value of the house if they ended up having to spend money to tear it out during construction.
You should consult someone who knows your neighborhood, whether by talking to a local real estate agent or lender or by asking online with more specifics.