According to recent government figures, 3.3 million vehicles were registered for the first time in Great Britain during 2016, that is the highest annual total ever recorded. Most UK families now have between 2 & 3 cars, given that the majority of these cars will spend their time parked, it’s not surprising that parking is such a big issue now when purchasing a property.
But just how much value does a driveway add to a property? Is it worth the investment versus other home improvements? And would it make better financial sense to sell your house now rather than waiting for a driveway to be installed? To help you decided, read on to find out the benefits…
In some areas of the country, the ability to park close to your front door comes at a huge premium. So if you have the room to add parking tastefully, you are sure to increase value.
For maximum added value, make sure your driveway materials complement existing paths and patios.
Perhaps surprisingly, planning permission could be a consideration if you plan to build or replace an existing driveway. To avoid the need for it, use porous substances such as gravel, block paving and certain types of asphalt. It is also helpful to consider areas of natural drainage.
According to Virgin Money , it’s estimated that an attractive driveway can add between 5 percent and 10 percent to the value of your home – in other words, up to around £22,000 based on the price of an average home.
Hopefully this article has given you some food for thought: before you step inside that estate agent’s and embark on the mad whirl of a move, maybe you’ll stop and consider whether some highly targeted home improvements might make more sense.
Before making financial decisions always do research, or talk to a financial adviser. Views are those of our mentors and customers and do not constitute financial advice.
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