With more cars on the road than ever before, it’s no wonder that potential buyers are looking for somewhere safe, secure and preferably off-street to park their vehicle. But how much value does a driveway add to your home and is it worth the investment? In this article, we’ll be exploring whether or not adding a driveway would increase the value of your home and to what extent.
Why it can be difficult selling a house without a driveway
It’s common for buyers to be put off by the lack of parking space available when it comes to buying a new home. Not only does it offer your car a safe haven – protected from knocks and brangs by passersby and other vehicles – but it also lowers car insurance costs, for that very reason. So it’s no surprise that properties with a driveway are incredibly sought after.
According to a study carried out by School of Tile, home-buyers remain adamant that a driveway is important when looking for a new house, with 84% insisting that they wouldn’t look twice at a property that didn’t have off-street parking.
Other factors that would put people off a property include:
- Location
- The price of the house
- The cost of renovations
- The size of the property
- Noisy or anti-social neighbours
- No garden
- High crime rates in the area
- Lack of off-street parking
- Bad drainage or plumbing
To conclude, it looks as though the absence of a driveway could completely deter potential buyers from purchasing your property. In fact, it could put them off before even stepping foot inside – create a great impression from the offset and have a high-quality, durable driveway installed to help increase the kerb appeal of your home – GV Paving are Marshalls award-winning, so you can count on us to deliver exceptional results.
How much would a new driveway add to your house price?
There isn’t a solid, clear-cut answer to this question, although research has allowed us to put an estimate on the amount of extra cash a new driveway could inject into your home. A study conducted by YourParkingSpace.co.uk found that adding a driveway to your property could fetch up to 10% the value of your house.
As of December 2019, the average house price in the UK stood at £234,742, according to the UK House Price Index. This means a new driveway could increase the sale price by around £23,000.
Phil Spencer, property expert and a presenter on Location, Location, Location, claims that by paving over your front garden to create ample space and room to park could add up to £50,000 to an average home, particularly if the house is located in a prime urban area where off-street parking is somewhat limited – making private parking space a premium.
It should also be noted that many other factors affect the price of your home, and so adding a new driveway won’t increase the value of your home by £100,000 for example, but it will definitely help if your property is struggling to sell and it would be a worthwhile investment, too.
Quality driveway pavers at GV Paving
Here at GV Paving, we’re able to expertly construct quality driveways from multiple materials. We take pride in the tailored service we offer, catering for the needs, specifications and requirements of our customers every single time. With an excellent finish that will stand the test of time, you can always rely on us to deliver exceptional service at an impeccably high standard.
We’re proud to be a Marshalls award-winning business, so you can rest assured that the materials we use will always be of excellent quality to ensure the longevity of your driveway. We’re even able to install permeable driveways with sustainable drainage systems, together with wheel track driveways to cater for every budget.
We hope we’ve answered the ‘Does a driveway add value?’ question comprehensively. For more information about the driveways we’re able to construct, including block paving and gravel driveways, then get in touch with a member of our friendly, knowledgeable team today – we’re proud to serve Loughborough, East Leake, Leicestershire, South Nottinghamshire and the surrounding areas.