Will off road parking add value to my home?
If you live in a busy city or town then it’s quite likely that off street parking is high on the agenda of people searching for property. With expensive car park fees, complicated resident parking schemes and the risk of theft or vandalism, a paved driveway can make all the difference when it comes to attracting buyers. It can also add significant value to your property.
So how much value could a parking space actually add to your home? Well, it’s said that the addition of a single parking space could see property value rise by as much as 5% and even more in areas where parking space is limited. What’s more, it could cost you as little as £700 to have one made up.
On top of this, you could even earn some extra income from your parking space through websites such as Park Let which allow you to rent out your parking space to drivers. If you live in an area that has good access to the city centre, a sports stadium or another popular landmark then you might pocket a pretty penny from your driveway.
Recently we wrote about the importance of kerb appeal and how a house that appears to be well kept and maintained on the exterior will encourage buyers to request a further look inside a property. The same reasoning can be applied to a driveway as it is one of the first features that a potential buyer will see when they look at your home. However this works both ways and in order to add value to your home the driveway needs to be in good condition. So you should think carefully about shape, access and design as well as the amount of upkeep that will be needed.
A common question when it comes to choosing whether or not to create a driveway is - will the loss of a front garden have a negative impact on your property? However, it’s important to remember that for buyers a well designed, easy to maintain driveway is generally much more attractive than a front garden that needs to be looked after.
For more advice on selling your home and tips on renovation, read our free guide here, or call us on 01904 650650.