Having your own private parking is often the main reason for adding a driveway to your property, but did you know it can also increase your home’s value?
With a majority of Corby’s housing built in the early 1900s, parking was not at the top of the agenda of house-builders. The steelworks provided work for thousands of residents and the town’s transport infrastructure was built around shift patterns to make getting to work without a car, smooth and seamless.
As the town has developed into a thriving community, off-road parking has become much more desirable. According to Nimble Fins, households in the East Midlands have on average 1.4 cars resulting in high demand off-street parking.
The benefits of having a driveway
When it comes to driveways there are a number of benefits for you the homeowner. Firstly, paved driveways will require less maintenance than lawns or gardens, reducing the time you have to spend weeding and cutting the grass. Not only does this save you your weekends over the summer, but it also helps to keep your home looking clean and tidy throughout the year, adding to its desirability when you decide to sell.
Secondly, off-street parking makes it easier to access your property. Gone will be the days of battling with your neighbours for the prime parking spot, making it easier to get the shopping from the car without walking the length of your street. It can also positively affect your car insurance premiums so be sure to enquire about your policy.
Lastly, depending on your location and the properties around you, converting all or part of your front garden into a driveway could add value to your property!
How much value does a driveway add to a home?
According to Property Price Advice, a driveway can add between 5 and 10% to your home’s value. With average house prices sitting at around £200,000 in Corby, a driveway could have the potential of adding up to £20,000 to your listing price.
This figure is highly dependable on several other factors including how easy it is to park on the street, whether you live in a quiet cul-de-sac or a busy main road, whether your neighbours have off-road parking and how many cars your driveway will fit, but overall there is the potential there.
On average, driveways cost between £30 and £100 per sqm depending on the materials used, and you need to factor in the cost of a kerb-drop, an important part of the job. If you plan to install a driveway simply to add value to your property before listing it on the market, speak to the team at Simpson West today for a preliminary valuation. We’ll offer expert advice on how much a driveway could increase your home’s value, allowing you to weigh up the costs before committing to the job. Call the office today on 01536202007 or email info@simpsonwest.co.uk.
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