House value is the primary concern of many homeowners. While some just want to calculate the value of their property, others want to learn what upgrade can potentially add the most value. Property Price Advice already has a completely free online valuation calculator you can use if you wish to assess your home’s value accurately.
When it comes to upgrades, homeowners often think about either adding a driveway to their front garden and having a dropped kerb job done or having a dropped kerb done in front of an already constructed driveway. Is it worth the time and investment?
Stay with us as we dive deeper into this topic, trying to find answers to some burning questions, including “Are driveways a good investment?” and “Which driveway types add the most value?”.
Are driveways a good investment?
When you are considering a home upgrade, you need to look at it as an investment. You can check one of our guides on cheap ways to get more money for your estate. Constructing a driveway is not cheap. Before you do it, you need to find out whether it will be an asset that drives up the value of your property on the market. To do it properly, you need to take into account what the future might bring.
Homebuyers in the UK are favouring households with off-road parking over those that don’t have one. According to the latest RAC Foundation report, there are over 38 million licenced vehicles in the UK. Even though parking remains a significant issue in multiple cities across the country and new restrictions are introduced every year, people are not giving up on their cars.
Here’s your answer. If you want to make your property more attractive on the market, a driveway will most certainly help. It especially applies to properties in an urban area where driveways are seen as a premium feature.
Do driveways add value to a property in the UK?
A home upgrade adds value to a property only if there is a need for that specific feature in the market. Simply put, if a driveway is something that can make or break a sale, having a driveway constructed in your front garden will increase the worth of your property.
With limited parking spots in urban areas across the UK, many buyers in the market look for properties that come with a dedicated parking space. It has become one of those “must-have” features. There are several reasons why people prefer properties with driveways.
First of all, homeowners don’t need to apply for residents’ permits. With your own driveway, you don’t have to worry and stress about finding a space to park your day several times a day. There is also the matter of security. Homeowners with cars parked in their driveway feel more secure.
The Department of Transport is considering banning pavement parking across the country. There are already different criminal and civil laws that cover pavement parking. In Greater London, for instance, the Highway Code states, “You MUST NOT park partially or wholly on the pavement in London”. And when there is a MUST in a code, it is not guidance; it is the law. You’ll need to check with your local council to see what rules currently apply in your area.
How much value does a driveway add to a house?
So far, we’ve established that driveways are suitable investments as they make properties more valuable and thus more attractive. But how much of a value are we talking about here? We will have to speak in averages for several reasons. Multiple factors affect the value such an upgrade can add. The size of the driveway and the location of a property are the factors with the most significant impact.
If it is tough to find parking in your neighbourhood, a driveway can make your property even more attractive. The price of residential parking permits is also one of the things to consider. In some areas, these permits can be priced above £1,000, making households with driveways highly sought after.
Generally speaking, a driveway can improve your property valuation outcome by a solid margin. It can increase your property’s value anywhere between 5% and 10%. If your house is worth £400,000 without a driveway, after having it constructed, its worth could go up to £440,000. On average, a driveway could add approximately £22,000 value to a property.
Driveway types that add the most value
Asphalt, concrete, and block paving driveways are the ones that can increase the value of your home the most. It’s simply because these are the most durable and sturdy materials. They can resist the elements and require minimal maintenance. Good drainage is a must as it prevents flooding and any damages to a home or driveway itself. However, none of these driveway types is worth it if the kerb is not dropped.
This brings us to our initial question – Does a dropped kerb add value?
Did you know that the total number of applications for dropped kerb increases year over year? In 2015, for instance, there were over 42,000 of these applications across the UK. What does this massive number of applications imply? Homeowners want to get it done for themselves, but others are doing it because it adds the most value.
People interpret HIGHWAYS ACT 1980- DRIVING OVER A FOOTWAY differently. It clearly states, “You MUST NOT drive on or over a pavement, footpath or bridleway except to gain lawful access to the property, or in the case of an emergency.” However, if you park over a full kerb, you can damage it and be held liable for damage, primarily if it affects the safety of pedestrians.
Driveway types that decrease your property’s value
There are five types of driveways – gravel, block paving, resin, concrete, and asphalt driveways. Each one comes with its advantages and disadvantages. However, not one of the driveway types can decrease the worth of your estate. It’s their condition and quality that affects the final prices.
Generally speaking, a driveway without good or no drainage at all can potentially prevent you from capitalizing on having one. It’s simply because poor drainage can cause flooding. Driveways in poor condition could devalue your home because they require costly severe repairs.
Finally, even if you have the best driveway imaginable, it won’t help you much if it is without a dropped kerb. Why? Because the new owners need to apply for permission through the local council, they need to pay for all associated material and contractor costs.
The costs can add up to £1,500, which is a substantial investment for new owners. Yet, they won’t be able to use the driveway without a dropped kerb because it is illegal to drive over a footway without one.
How much value does a driveway add to a house if you have space for multiple cars?
Two-car households are not that uncommon in the UK. The number of homes that own at least two cars keeps increasing year-over-year. The demand for vehicles is growing as well. It simply means that you should expect to see more buyers in need of properties with a driveway able to fit multiple cars.
If you have space for multiple cars, your house value will go up 10%, if not more. Again, it all depends on the location. If finding a parking space is problematic and permit costs are sky-high, a driveway with space for multiple cars will be more valuable to families that own two cars.
Does parking on the street lower property values?
Parking on the street can lower the price of your estate on the market. The location is the most crucial factor. Why? Let’s say your house is in one of the bustling city neighbourhoods. Parking is a rare commodity in these neighbourhoods.
Having one can help you get a better price. But not having a driveway will not be a problem as people in the market are not expecting to find it. It’s more like a bonus.
However, if your house is in a suburban neighbourhood, off-street parking is what buyers expect and look for. If you only have a street parking option, you might have to discount your home to make it more attractive and sell it faster.
Conclusion
As you can see, the driveway does increase the worth of your house. Feel free to go through another one of our guides to discover 10 of the best ways to increase the worth of your house. Yes, building one will require planning and working with a contractor, but the investment is worth it.
But does a dropped kerb add more value? It definitely does. The best thing about it is it’s straightforward to apply for permission and get it done.
Is estate worth valuation still giving you a headache? If it does, feel free to use our free budget calculator and valuation tool to see exactly how much money you can get.