back Posted on 28 June 2022
A recent survey from Ideal Homes has found that a driveway is the 8th most important factor to house buyers when searching for their new home, and even 84% said it could be a deal-breaker. The demand for parking spaces can depend on location, with some parking spaces being in such high demand that they can be sold or rented separately from a property. Recently a parking space in London was up for sale with an eye-watering price tag of £350k, and even outside of London a parking space on the coast of Cornwall was on the market for a whopping £100k.
There are plenty of benefits to adding a driveway to your property, firstly there is less maintenance than with a front garden, there’s one less lawn to cut and it is easier to keep a tidy appearance. Secondly, it will mean easier access to your property and you will not have to worry about where you park your car, and parking on your drive could even reduce the insurance premium! Lastly, a driveway could increase the value of your home and make it more attractive to future buyers.
According to Price Your Job, a house can increase in value anywhere from 2-10% with the addition of a driveway. The value that a driveway can add to your home will depend on the location, size and quality, and also how well it matches with your home and the surrounding neighbourhood.
Will a driveway increase your home's value?
It is important to determine which factors will help increase your home's value so this may help to calculate how much value your home will increase by. Is there ample on-street parking available? If there is, it may not be a deciding factor for a house buyer, but if parking is an issue on your street then having a driveway could make your home far more desirable.
Another factor to consider is the type of driveway you opt for, there are many options out there that range widely in cost and upkeep. If you are choosing to add a driveway to purely increase the value of your home, it is important to keep in mind the initial cost and desirability of the type of driveway you pick.
The last thing to consider is how many cars can fit on the driveway, many households have multiple cars and, if you have the space, it may be beneficial to add a driveway with space for more than one car. Again, the cost of a larger driveway will be more but it could make your home far more desirable to prospective house buyers and be subject to a higher market price.
Can a driveway devalue your home?Unfortunately, there are times, that even with the best efforts, a driveway can decrease the value of your home. For obvious reasons, house buyers will have to consider any extra costs that they incur when buying a new home, and this includes fixing any issues left by the previous owner. If a driveway has not been installed correctly and legally, then it can devalue your home when your house is placed on the property market.
It is illegal to drive over a footpath without a dropped kerb, so if this is not in place, then it is an issue that could deter house buyers. If a driveway is in need of serious repairs, this can also be off-putting because it is unsightly and buyers may feel like they would have to undertake too much work or may negotiate the price lower. Another thing to consider is drainage, driveways are at risk of flooding if sufficient drainage is not in place which again, may be something that can affect the value of your property.
How much can it increase the value of your home by?
By adding a driveway to your property, you can add as much as 2-10% value to your property, but with careful consideration of the above factors, it is much more likely that it will increase by 5-10%. If you live in a busy location with offices, the coast or a busy high street, you can make extra money by renting out your driveway on sites such as Your Parking Space if you have no use for it. This is also something that can be highlighted to buyers, it can be a great way to supplement your income with another stream of finance.
There are plenty of different options that vary in price depending on what type of driveway you decide to choose, and it can be a low-cost way to add value to your home. Opting for a gravel driveway is one of the cheapest options and it is also easy to change if the new buyers wish to install a different style of driveway later on, or would simply prefer a lawn instead.
Which type of driveway should you opt for?There are a few different types of driveways depending on your budget and style but with the right design, a driveway can completely transform the look of your home.
Resin Bound - A resin driveway can immediately modernise the outside of your home and there are a lot of different colour options to choose from. The resin is water permeable, so depending on your local council, you may not have to apply for planning permission which will make your driveway much more affordable. Resin is quite low maintenance, it is recommended that you give your driveway the occasional jet wash though! As fantastic as this style of driveway is, unfortunately, it is not suitable for all properties as it can only be applied to a flat surface.
Gravel - A gravel driveway is a great option for a traditional look, and you can add a personal touch with paving borders and hand-picking a colour. It is also one of the more affordable ways to add a driveway to your home, so it’s a great option if you are on a budget. This style of driveway does require a little more maintenance though by keeping on top of weeds and occasionally topping up the gravel as it starts to thin.
Tarmac - Another affordable option for a driveway, it is a great choice if you have a small front garden and a limited budget. Tarmac driveways are low maintenance and quick to install but, depending on the style you are looking for, they do not tend to have the same kerb appeal that other driveways offer.
Block Paving - This is one of the most popular types of driveway due to the various options in style, colour and design that homeowners can choose from. Block-paved driveways are hard-wearing and will last for years to come, a bonus with this type of paving is that if one part of the driveway becomes damaged, only that part of it needs to be replaced. This style of driveway can be more expensive and time-consuming due to bricks being cut to fit and certain patterns can be more labour intensive than others.
It is necessary to do your own research into which styles you like best and speak to a professional regarding which type would best suit your property.
What to take into considerationThink about the kerb appeal that your driveway will provide, first-impressions count and a driveway can be more than a place to store your vehicles, it can drastically improve the look of your home. If your driveway is going to have a lot of vehicles on it and cars come and go throughout the day, you may want to consider something more practical than gravel and install paving that will be a lot more durable.
The width of your driveway is another important thing to consider and how wide the dropped kerb will be. If your driveway is not easily accessible, this may be off-putting to potential buyers. There may be trees or shrubbery that you need to consider, talk to a professional about ways to avoid damage to existing roots, and also any cables or wiring.
It is important to check with your local council about planning laws and whether you need to apply for planning permission. The council may also have a designated list of contractors that you are allowed to use for a dropped kerb, finding this information out early into the process could save you a lot of time and money. The style and type of driveway you choose can also affect drainage, to avoid pooling areas of water, speak to a professional about the best option for you and your home.
Is it worth it?Ultimately, yes it is worth installing a driveway if you have the option to do so.
There are several options to choose from and the cost is relatively low in comparison to what you can increase the value of your home by, in addition to the benefits you can enjoy from having your own driveway. It may not be the right option for every scenario, so it is worth looking into the factors and receiving quotes from local paving companies.