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How much do driveways increase house values?
6 Answers
My wife and I are looking at selling our home, and we are planning to put a driveway to the front of the house.
Is there a standard percentage increase in the house value added by a drive? It will cost approx £1K for the driveway so we just wondered whether it was financially worth it
Thank you in advance
Is there a standard percentage increase in the house value added by a drive? It will cost approx £1K for the driveway so we just wondered whether it was financially worth it
Thank you in advance
Answers
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This is a 'how long is a piece of string' question. It depends what's there now. If it is a complete shambles of weeds on which the 'old banger' gets parked then it is very likely to impact the saleability of the property in that some folks looking to buy can't see further than their noses - so may reject the house without realising the very minor cost of putting it right. Equally if there is no off-road parking available now and you can gain such access easily (i.e. no footpath / dropped kerb required) then it might be worthwhile. Otherwise you'd be better off spending a grand tarting up the paintwork to make the house look spic and span.
IMO it is difficult to find something that will increase the value of a property more than it costs. Folk aren't daft, improvements may sell a house faster but may not command a premium, unless the avoiding the disruption of getting it done is worth something.
Basically sort out faults that will put folk off if left, coat of paint where needed etc. I'd be wary of large projects since you are not going to benefit, as you are leaving. After all who is to say folk want the driveway ? Many like the idea of a nice garden. Especially if they don't drive.
Basically sort out faults that will put folk off if left, coat of paint where needed etc. I'd be wary of large projects since you are not going to benefit, as you are leaving. After all who is to say folk want the driveway ? Many like the idea of a nice garden. Especially if they don't drive.
Off street parking is what will increase the value .. especially so for two cars or more.
If your new driveway will facilitate this, yes, the value will increase. Certainly more than £1K in my opinion. Possibly as much as £5K if area is properly landscaped. Just compare with local similar properties.
If your new driveway will facilitate this, yes, the value will increase. Certainly more than £1K in my opinion. Possibly as much as £5K if area is properly landscaped. Just compare with local similar properties.
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