At the end of June 2019, there were a whopping 38.7 million vehicles licenced to use the roads in Great Britain! With this considerable amount of vehicles on the roads, you can see why a parking space is becoming a must-have for all home buyers. For all property owners looking for opportunities to increase their property value, a driveway is definitely an option you will want to consider.
What Is The Return On Investment For A New Driveway?
There are a variety of ways in which we can increase the value of our property. One of the most popular methods is by having a comprehensive redesign of your kitchen. Although this is a tried and tested method of increasing property value it can get very expensive and time-consuming, this is especially the case when having to go out and buy brand new appliances. You may not have realised but one of the best ways to increase property value is just beneath your feet. A new driveway is an incredible way to increase property value with next to no disturbance to your everyday life.
So let’s talk facts, one study completed by one of the leading parking space marketing companies has claimed that a driveway can increase the property value up to 10%. The reason behind this increase in value is that potential buyers can be very put off by the fact that the only parking space is on the main road. Parking on the road can lead to your car becoming damaged by passing vehicles.
What’s the return on investment for the average home within the UK? Well, the average house price in September 2019 is £234,370 which means a driveway can add up to £23,000 to the total property value. If you are looking for a tarmac driveway in London this can add a substantial amount of value to your property. The average price for a home within London is around £477,813 which means a new driveway can add up to £47,000 to the price of the property. The cost of a new driveway is relatively inexpensive when compared to the amount of value-added to the property ensuring a strong return on investment.
Have You Considered Renting Your Parking Space?
Purchasing a new driveway is not only a great way to increase your property value but it can also be an ideal investment for those who wish to earn a steady income just making the most out of some unused space. As the number of vehicles registered to drive on our roads continues to grow so will the need for secure parking. For those who live close to the city centre, there is an opportunity to rent your parking space to parking space-hungry commuters. For those who live in London, it is estimated that renting one parking space can earn you £190 per month. This extra income can come in extremely handy and will ensure that the cost of having the driveway added to your property is covered in no time.
A New Driveway Is Key To Achieving A Lasting First Impression
If you have plans to sell your home in the future it may be best to take a step back from increasing the property value and simply asking yourself, what am I looking for in my new home? This is one of the best ways to understand your potential buys as you will be asking yourself the same questions as your potential buyers will. Your driveway is more than just having space where you can securely park your car. The driveway is your grand front entrance, which should reflect the same level of elegance offered by your interior design. Your potential buyers the first impression is priceless so make sure that they are greeted by a stunning exterior to your home. By purchasing a new driveway you will be giving the exterior of your home with the love and attention it deserves, this will help to achieve that lasting first impression.
When it comes to selling your property there will be no doubt that your property will be amongst a very competitive market. The attractiveness of your property will be what sets your home aside from the competition. A unique way to set yourself apart from the crowd is by having a driveway that can really speak for itself. Imagine, a picture of your beloved home in the window of an estate agent surrounding by simular properties within the local area. Which one will stand out, the one with an old driveway with broken discoloured stones or a brand new concrete driveway which simply glows in the sunlight?