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A driveway is a vital part of your property that can complement your home’s exterior and increase its curb appeal. So if your driveway needs a makeover, it could be a worthy investment. You can expect to pay $2,500 to $7,000 for a new driveway. Factors that impact driveway paving costs include permits, material, labor, and driveway size and thickness. Fortunately, there are options to help you finance a driveway project. Here’s what you need to know about driveway paving costs and how to pay for them.
Typical Driveway Paving Cost per Square Foot
The cost to pave a driveway depends primarily on the square footage involved. You can calculate your driveway’s square footage by measuring its length and width. Multiplying those two numbers together will give you the total square footage, allowing you to see how much the price of different materials would influence the price.Let’s say your driveway is the size of the average two-car driveway of 600 square feet. You decide to install an asphalt driveway, which costs $10 per square foot. As a result, you would likely pay $6,000 for the driveway, not counting excavation, site preparation, or custom designs.
Factors That Impact the Driveway Paving Costs
Although the square footage is crucial to determining driveway paving cost, several other factors influence the price tag.
Permits
The average cost of a permit to install your driveway typically ranges between $50 and $200. The price will vary based on where you live. Your municipality might not charge you for a permit if your driveway touches a public street.
Materials
Materials will likely cost between $1,500 and $11,000, depending on the type of driveway you choose. Homeowners often use concrete because it is resilient and not overly expensive. However, you have a host of options, including asphalt, rubber, and more.
Concrete
A concrete driveway will cost $4 to $8 per square foot and may last 75 years. The traditional material for driveways, concrete holds up well and is low maintenance. You can customize a concrete driveway with patterns, colors, and finishes, which will cost more than a plain driveway.
Chip Seal
A chip seal driveway costs between $5 and $10 per square foot. It consists of a mix of tar, gravel, and stone. You can customize the color and will get 7 to 10 years of use from your chip seal driveway. The material is less resistant to wear and tear.
Asphalt
Asphalt is another commonly used material for driveways and costs between $7 and $13 per square foot. You can expect an asphalt driveway to last 15 to 30 years.
Gravel
Gravel has the lowest price of all driveway materials: $1 to $3 per square foot. Gravel can be a resilient, cost-effective solution for extended driveways, with a lifespan of up to 100 years.
Rubber
Rubber driveways are weather- and slip-resistant. They cost $6 to $25 per square foot, and you can customize the color and texture. A rubber driveway can last for 20 years or more. However, since rubber cannot absorb water as other driveway materials can, you’ll need to build adequate drainage to prevent water from pooling or flooding.
Pavers
Bricks and cobblestones are customizable options for a driveway, entailing additional labor and drainage to function correctly. A paver driveway costs between $10 and $50 per square foot. If it’s well cared for, it has a life expectancy of 50 years or more.
Heated Driveway
A luxury option, heated driveways contain hardware that melts snow and ice, eliminating the need to shovel. They are ideal for cold climates and can be built from various materials, including asphalt, concrete, and chip seal. Heated driveways cost between $12 and $25 per square foot.
Labor
The type of material you use drives labor costs for driveway paving. For example, concrete is easy to work with and incurs a labor cost of $2 to $3 per square foot. Labor for an asphalt driveway is higher, at $5 to $7 per square foot.
Location
The cost of a new driveway is also impacted by the location, due to drainage and grading needs. The more preparation the ground underneath and around the driveway needs, the higher your total costs will be.
Style
If you are in the market for something beyond the conventional rectangular shape for your driveway, you might increase costs significantly. However, a unique design such as an S-shape or a half circle, could enhance the beauty of your home.
Thickness and Size
Driveway thickness and size affect how much material you’ll need, which can drive up new driveway costs. For example, a rubber driveway might be 1.5 to 2 inches thick, and a concrete driveway will likely be 4 inches thick. Additionally, you may want to increase driveway thickness to make it more resilient if you have a large vehicle.
Condition
The ground you plan to build your driveway on may need work before the contractor can lay the materials. For example, excavation needs can increase the total cost of a new driveway or replacement.
Removal and Demo
If you’re replacing your driveway, you might need to have your contractor break up and haul away your old driveway. This extra work will drive up the project cost. For example, demolishing and removing a concrete driveway costs $2 to $6 per square foot. Getting rid of an asphalt driveway will cost between $1 and $3 per square foot. Additionally, your driveway size and placement will influence demo and removal costs.
Financing a New or Repaired Driveway
When calculating the driveway paving cost, the numbers may start growing beyond your intended budget, depending what materials you use. However, several funding options could help you afford a new or repaired driveway.
Credit Cards
You can obtain a credit card if you have a favorable credit score. Credit cards also usually have rewards, so your driveway purchase could net you some cash or points. However, your credit card might not have the capacity to pay for the entire project, unlike a personal loan. In addition, the sizable charge on your card may worsen your credit utilization ratio, hurting your credit score. Finally, you'll have to pay interest on the balance you owe if you can't pay the bill in time. However, you could avoid this by obtaining and using a new credit card with 0% introductory APR, which will likely give you several months or more to pay the balance without accruing interest.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) allows you to use 60% to 85% of the equity in your home to pay for any expense, including financing for your home improvement. Typically, you’ll have access to the line of credit for a decade, after which you’ll make payments on the borrowed amount. Your HELOC could come with a low interest rate, and the interest you pay might be tax-deductible.But HELOC interest rates often fluctuate, which could impact your ability to repay the debt. HELOCs also have additional costs, such as appraisal fees, origination fees, and administration fees. And because a HELOC uses your home as collateral, it puts you at risk of forfeiting your home if you can’t afford the payments.
Home Equity Loan
A home equity loan lets you use your home equity like a HELOC does, but the financing comes in one lump sum and often has a lower interest rate. The loan functions like a second mortgage, giving you between 5 and 30 years to repay. Home equity loans often involve closing costs, appraisal fees, and fees for late or premature payments, so ask your lender for the details. Similar to a HELOC, a home equity loan uses your home as collateral, and there is the possibility of losing your house if you can’t repay the loan. Also, borrowers usually need excellent credit to access home equity loans.
Personal Loan
Among personal loan uses is financing the cost to pave a driveway. Personal loans are unsecured, meaning they require no collateral, and you don’t need an excellent credit score to get one. However, personal loans usually have higher interest rates than other forms of financing because they are unsecured.You may pay an origination fee for a personal loan, and it might have late payment fees. Additionally, interest on personal loans isn’t tax-deductible. Your lender will likely give you a repayment period of one to seven years for your loan. But, a long-term personal loan could give you more room to afford payments.
Personal Loans With Lantern
The cost of a new driveway can range from several thousand dollars to tens of thousands, depending on the scope of the project and the materials used. Labor, location, and ground preparation also impact driveway cost per square foot. Whether you’re planning on a standard-size concrete driveway or a long, winding gravel one, you can finance your project via a personal loan with Lantern by SoFi. Our personal loan comparison provides a straightforward and easy way to shop and compare interest rates so you find the loan that best fits the needs of your driveway paving project.
Frequently Asked Questions
How much does it cost to pave a driveway?
Does it cost less to pave a driveway with concrete or asphalt?
What factors contribute to the cost of a driveway?
Photo credit: iStock/gmnicholas
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About the Author
Ashley Kilroy
Ashley Kilroy is a personal finance expert with years of experience in radio, newspapers, magazines, and online content. Her work has appeared on websites including Forbes and Yahoo Finance. Ashley writes on a variety of personal finance topics for SoFi, including student loans, taxes, and insurance.
