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. Selling your home means tidying, pruning and fixing a lot, especially when it comes to your garden. This may make it tempting to consider changing your front garden to a driveway, in which case you'll wonder “how much value does a driveway add to a home?. In addition to having a home that is more salable due to the garage, having this will only add value to your property.
Adding a driveway to your property can add up to 10% to the value. The steel plant provided jobs for thousands of residents and the city's transportation infrastructure was built around shift patterns so getting to work without a car was smooth and hassle-free. A home improvement adds value to a property only if there is a need for that specific feature in the market. The concrete driveway is perhaps the strongest and most durable type of new driveway you can buy.
If you're considering a new driveway and two-way, it's worth thinking about the additional value you'll bring to your property and the potential additional buyers who would be interested in your home if you want to sell it at a later stage. Repairing your driveway may not add more value, but it will definitely be more attractive and help your property stand out. This not only saves you on weekends during the summer, but it also helps to keep your house clean and tidy all year round, which increases its attractiveness when you decide to sell. Concrete driveways were once one of the most popular types, but have gone out of fashion in recent years, as more visually appealing entrance materials, such as block pavement and resin, have become more popular.
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. When looking to buy a home, often having a driveway or not having one is the reason why a sale is made or not. In some areas, these permits may be priced over £1,000, making homes with driveways highly sought after. UK shows 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.
A driveway for two cars will average around £4,500, with larger driveways averaging approximately £6000 and more. Depending on personal circumstances, a prospective buyer may want a ticket because they need to load and unload passengers safely and not on the road. The average block driveway in London costs just over £6,500, so you won't need to charge too much upfront. .