Selling your home means a lot of tidying, pruning and fixing up- especially when it comes to your garden. This might make it tempting to consider changing your front garden to a driveway – in which case you will be asking yourself “how much value does a driveway add to a house?
Well, estimations reveal that a driveway can increase your property’s value between 5 and 10 percent. Meaning, a house worth 500,000 could have its value increased to 550,000. The average block driveway in London costs just over £6,500, so you won’t need to cash out too much up front.
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Location, location, location: driveways that add value
Not every household will benefit from a driveway, it all comes down to your location. Is it difficult to find parking in your neighbourhood? If most homes already have driveways but the roads are still jammed, why not add off-street parking?
Is free parking available on your street? If not, how expensive are the residential parking permits? Compare these prices with other neighbourhoods to ensure a driveway will add value to your property. For example, the Barbican Estate offers the most expensive residential parking permit, priced at £1,258.
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How much value does a driveway add to a house if you have space for multiple cars?
Adding parking for a second or third car could add value to your home. The number of two-car UK households increased beyond half a million last year alone. As the demand for cars has increased, more buyers will be looking for parking for multiple cars on the same property.
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When selling your home, consider what will your prospective buyers will need? Often by accommodating these questions, you will immediately start adding value to your property. What options for transportation are available in your area? Buyers often seek multi-space off-street parking for commutes.
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What driveways decrease your property’s valuation?
If you are selling your house, knowing what decreases your home’s value is very important. The following driveway mishaps may actually decrease the value of your property and deter buyers from your home.
- Driveways without sufficient drainage could cause flooding and impact the appraised value
- Driveways in need of severe repairs will devalue your home
- Driveways without a dropped kerb will be a liability for prospective buyers, mainly due to the fact that:
- It is illegal to drive over a footway without a dropped kerb
- Driveways are required to apply for a dropped kerbat the homeowners cost through their local council
How much value does a driveway addif you fix these issues? A driveway repair is classified as maintenance. Therefore, you may not make money from these changes. However, these repairs will help your home and stop you from decreasing the overall value of your property.
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Are driveways a good investment?
Driveways are definitely a good investment. The Homebuyer Habits Survey revealed 84% of their participants would not buy a home without a driveway. Whereas only 44% said a garden is a prerequisite. Converting your front garden to a driveway could therefore be a good investment.
Learn how to add value to your home before selling with our guide. This will help you discover the best home improvement for your house. After all, it isn’t worth investing in an improvement without added value or increased saleability.
So, does a driveway add value to a house? Based on the average UK house, a driveway could add up to £22,750 value to a property. However, this will heavily depend on your location. Contact us if you are struggling to sell or unsure what your property is worth.
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