Here at Roadlay we believe that yes, absolutely, a driveway will add value to your home. However, don’t just take our word for it!
According to research from Zoopla in association with Propertymark, adding a driveway to your home will add an average of 15% to the value of your property.
According to government figures, the number of cars in the UK has increased every single year except one since the end of World War Two. The majority of these cars are stationary, so it’s no surprise that parking is essential when purchasing a property.
Selling a property without a driveway
Selling a house that doesn’t have a dedicated sparking space can turn off prospective buyers. Not only do people want the convenience of parking close to their property, they can also take advantage of insurance discounts when parking off road due to the decreased risk of your car being damaged by passing vehicles.
In fact, according to a recent study from School off Tile, home buyers are unanimous when it comes to rating the importance of parking off the main road. In fact, 84% of those surveyed said that they would not even consider a property without a driveway so your home could be discounted even before it has been viewed.
However, it’s worth remembering that there are many properties across Scotland that buyers wouldn’t expect to see private car parking including those in urban areas and the tenement flats across Glasgow and Edinburgh.
If you are a landlord and want to maximise the rental income and open up your market to those with a car, a driveway could end up paying for itself.
If you do have an existing driveway is it sufficient in size and accommodate all the cars used by your household? Many households have more than one car, sometimes three or four if the children are older and still living at home. Therefore, you might want to consider sacrificing a front garden that you don’t use for off street parking.
Adding value to your home
There’s no set answer to how much value a driveway will add to your home as this will depend on your location and style of home, but Zoopla estimates this figure to be 15%. In addition, it could make your home easier to sell and with an increased competition for property or going to a closing date usually comes a higher offer.
There have been several commentaries on the value that a driveway adds:
• Zoopla and Propertymark: 15%
• YourParkingSpace.co.uk: 10%
• Phil Spencer, Location, Location, Location: As much as £50,000 in London and the positive impact it will bring to potential buyers
• HomeOwners Alliance: A profit of £11,000 in some areas of London
In some areas, i.e. close to a rail station or city centre, you could even rent your driveway out during the day.
What is the value to you?
Value aside, what would a driveway or double driveway mean to you? How would a driveway impact your home life? That’s the best place to start!
If you feel that a driveway will make your life easier, more convenient and save you money on your car insurance talk to Roadlay today to find out how much a driveway would cost, and the difference it could make to your home.