It's estimated that having an attractive driveway to complement your home can add up to 10% of your property's value, according to Virgin Money. So, with the median house price in the UK just under £230,000, your home could benefit from a significant financial boost if parking is an option available to buyers. The answer as to whether a new driveway adds value to a home seems to be yes, you can. The number of cars in the UK has increased in all but a year since the end of World War II, according to government figures.
Since the vast majority of these cars spend most of their time standing still, it is not surprising that parking is such a major problem when buying a property. But how much value does a driveway add to a house? Is it worth the investment compared to other home improvements? And would it make more financial sense to sell your house now instead of waiting for a driveway to be installed? Make up your mind by reading our detailed guide. Not having a driveway could discourage some potential buyers. While the zip code area is a bigger factor, some auto insurers may offer a discount to drivers who can park on the street, due to the lower risk of being hit by passing vehicles.
This can make a driveway an attractive feature for motorists looking for a new home. At first glance, this suggests that not having a driveway could be holding back a high proportion of potential buyers before they've even seen your property. However, it is important to take studies like this with a pinch of salt, since there is no context behind any of the answers. If a buyer has their heart set on a certain location, or a specific style of property, that doesn't normally include off-street parking, they probably already know.
Similarly, if your home is more desirable than other properties listed in your area (for example,. Perhaps it is better laid out, has a larger garden or is in better condition), buyers may overlook the lack of a driveway. As with any home improvement, it's important to consider return on investment before committing. If another improvement, such as a refurbished bathroom or a converted loft, could add more value to your property, then they clearly need to be given priority.
Naturally, this will depend on the specifics of your home and the area in which you live. If other homes in your area have driveways, this could make yours much less attractive. If they don't, adding a driveway could make your property much more attractive, but it probably comes at the cost of losing part, or all, of your front garden. Property expert Phil Spencer, the face of Channel 4's Location Location Location, is even more positive about the impact of off-street parking.
He estimates that paving over the front garden to create a parking space could add up to £50,000 to the value of a property, provided that it is in a “prime city area where parking is premium”. As a final point, it is worth noting that a driveway could be a source of income in its own right. Figures from YourParkingSpace, co, UK show that homeowners in dozens of towns and cities across the UK earn an average of over £1,000 a year by renting their empty driveway to other motorists. The top earners live in Kensington and Chelsea, earning an average of £3,367 a year from renting their tickets.
If you're wondering what adds the most value to a home, read our in-depth guide to the most valuable home improvements, from loft conversions to extensions. Does converting a loft add value to a home? How much does it cost? And is it a better investment than other improvements? Read our guide to find out. Correct at time of publication (November 20, 2011). The views and opinions expressed in this document are those of the individual taxpayer and do not necessarily reflect those of Chancellors Group of Estate Agents Ltd or its subsidiaries.
References to legislation, best practices and other matters with legal implications, such as fees, rules and processes, are included for informational and editorial purposes only and are not authoritative and should not be construed as advice. When in doubt, you should only consult an industry professional or lawyer when appropriate. A recent Ideal Homes survey suggested that the eighth most important factor when looking for a new home for homebuyers is a driveway, with a whopping 84% of the survey suggesting that a driveway would be a deciding factor. Adding interior renovations, such as a new kitchen or bathroom, is an obvious option to increase the potential value of a home, but renovations of external assets such as garages, gates, fences and driveways are equally important.
Concrete block pavement is ideal if you have a strict budget, as it is relatively inexpensive and comes in a wide range of shapes and colors. In another study, the Federation of Master Builders, HomeOwners Alliance and Guild of Property Professionals compared the benefits to be gained by adding a new vehicle entry in six parts of the UK. Turf paver driveways are an eco-friendly and eco-friendly option that allows grass to grow and water to drain naturally. An asphalt (or tarmacadam) or asphalt driveway is probably one of the most popular driveway types in the UK.
Asphalt driveways will suffice if you need a basic solid flat surface, but they will wear out quickly due to the great British seasons of extreme weather conditions and rust. Patterned printed concrete tickets are an increasingly popular choice for many across the UK, they can come in a variety of patterns and colors, so they will work well with any type of property. According to research by Direct Line Insurance, a parking space in parts of London added 13% to the price of a property for sale. Bradstone's Lumley Cobble combines eight different sizes of cobblestones to give your ride a discreet natural look.
Paved entrances make a very intelligent first impression wherever they are used, both in old and new properties. Repairing your driveway may not add more value, but it will definitely be more attractive and help your property stand out. It is very likely that a driveway will not devalue your home, but a poorly installed road and one that has not been well maintained will put potential buyers, this is because they could see the additional cost that it will entail putting the driveway in order and highlight the additional maintenance that will be required to maintain the road from driveway in good condition, after all, a poorly maintained driveway will discourage potential buyers from the start as it is the first impression they see of the property. The driveway is the entrance to your home and gives a first impression of what visitors and potential buyers can expect inside.
Cobblestones are ideal for old and period properties, allowing you to combine the style of a new driveway with the style of your home. . .