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 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 report from Virgin Money suggests that creating a new driveway is one of the best home improvements you can make. They say that a new and attractive entry can add between 5% and 10% to the value of your home. On average, you can expect a good quality driveway to add between 5% and 10% of value to the top of your home.
However, that is not a guarantee, as there are some factors that can determine if you need off-street parking or not. Don't worry, we'll go over these details in more detail below. As long as the surface of the entrance is of good quality and placed by a reputable contractor, it is always likely to add value and, quite rarely, will decrease the cost over time. 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.
According to the Planning Portal, you will not need planning permission if a new or replacement entrance of any size uses a permeable (or porous) surface that allows water to drain, such as gravel, permeable concrete blocks, pavement or porous asphalt, or if rainwater is directed to a lawn or edge to drain naturally. If finding a parking space is problematic and permit costs are sky-high, a driveway with space for several cars will be more valuable for families who own two cars. Finally, let's try to answer the question of whether a new driveway will add value to your home or not. Vehicle entrances also provide additional benefits, such as lower car insurance and a drastically lower risk of damage to your car than on-road parking or other parking areas.
You generally won't need planning permission if your new or replacement driveway is made of a permeable material that allows water to drain or if rainwater can drain naturally through a lawn or border. Asphalt is a lower cost driveway that provides a smooth surface that is good not only for vehicles, but also for pedestrians and buggies. Popular types of paved entrances include concrete pavement slabs and stone slabs, such as Yorkshire stone pavement or Indian stone pavement. A home improvement adds value to a property only if there is a need for that specific feature in the market.