How much value does a driveway add to a house?
We look at how much a driveway adds value to a house and more!
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If you are looking to maximise the value of your house before selling, or you are looking forwards to the future, one easy way to add value could be a driveway.
With some online sources claiming that a new driveway could add 5% to 10% to your property value, it may seem like an appealing option. But, it may be unreasonable to install a new driveway, if the upfront cost of installing it is above the predicted selling price.
In this article we will discuss whether the value of a driveway adds to a house, what other factors could influence the value, how you can increase your kerb appeal and much much more!
How much value does a driveway add to a house?
The general rule of thumb is that a driveway will increase the value of a property between 5% – 10%, but there is no guarantee. With more and more people turning to driving, having safe and secure parking is a must in the modern age.
Parking is a massive pain point for many homeowners, especially in towns and cities where there is no off-road parking. Local councils have a tendency to increase the amount of restrictions on parking, in a bid to battle congestion.
But, these restrictions can create stress on local homeowners as they need to pay for the parking, and with predictions that this will only increase in the future, many people are worried about parking space premiums to increase rapidly.
Factors that affect how much value a driveway adds to a house
When installing a driveway, you should ensure that it is laid by reputable contractors and that the final product is of good quality, as this will likely add value to the driveway.
Here are some other factors that affect how much value a driveway adds to a house:
When you add value to your home by installing a driveway, you will need to consider both the location of the driveway but also the location of your property.
Most houses in the UK will have a front garden, some will be large enough for one or two car parking spaces. But, in areas such as a city, green space is often minimal so you will need to weigh up whether the value lost removing green space is redeemed by installing a driveway.
If you are going to install a driveway, you will need it to reflect the size of the property. Many three bedroom houses will have more than one car, so providing adequate parking space is a must.
If the driveway size doesn’t reflect the size of the house, then you may lose value or sway off potential buyers.
If there is no free parking on your street then having a driveway with permit-free parking may increase the value of your home. Permits can be costly over time, which is why having a driveway could be seen as a good long-term solution.
If the driveway doesn’t integrate with the house, and is an eye-sore, this could put off potential buyers. A driveway that blends well with the surrounding environment and complements the landscaping can enhance the overall appeal and value to your property.
Driveways with the ability to electric charge could skyrocket a house value, especially as more and more cars become hybrid or fully electric.
What are the different types of driveways?
Driveways are essential features of many British homes, providing access to parking spaces and enhancing the overall kerb appearance. Various driveway types are available, each offering their own unique characteristics or aesthetics.
Concrete driveways are popular for their durability and low maintenance requirements which makes them an excellent long-term investment, whereas asphalt driveways are affordable and quick to install.
If you’re looking to inject some real monetary value into your property then going for a sleek or elegant option like brick or paver driveways may be a great option as these offer various design patterns and colours.
Here are the most commonly found driveway options:
Concrete is a low priced, easy to install driveway surfacing option, but is easily stained. It is slightly more expensive than Asphalt but is one of the most durable of all driveway options.
Brick is another durable option for driveway, and is very popular in 21st Century houses.
Block paving driveways are made up of flags, slabs and small concrete blocks which can create patterns but require a precise eye and a longer installation period.
They are easily replaced and can easily fight off weeds, but can be damaged faster by freeze and thaw cycles.
Asphalt is a type of concrete that is commonly used to surface roads and pavements. Asphalt driveways will usually last around 15 to 20 years, which can be extended by regular patching and sealing.
Asphalt has a higher maintenance upkeep than the other driveway options but is the cheapest to install.
Gravel driveways are made of loose gravel which are typically poured into a contained area. The initial cost for a gravel driveway can be relatively low (depending on its size), but they do need regular maintenance.
Paver driveways are the king of driveway strength, they can handle the weight of a vehicle better than concrete, brick or asphalt. Although, paver driveways can be made using brick, or concrete.
Resin-bound paving driveways are a mixture of aggregate stones and resin that is flexible and resistant to cracking.
New driveway cost vs property value
The big question for anyone reading this article is – Will my new driveway offer a good return on investment?
The answer is, it might.
In areas where off-street parking is scarce and in high demand, a new driveway can significantly increase the property’s value, attracting more potential buyers and leading to a favourable return on investment.
If the driveway is well-designed and durable, this only adds to the attractiveness for the potential buyer and could lead to a potentially higher selling price.
But, on some streets where driveways are commonplace and are an expected standard, the return on investment may not be as pronounced and the cost of installation may not be fully recouped in the final selling price.
How much does a new driveway cost?
On average, you can expect to pay around £40-£100 per metre squared for a new driveway, but this will vary depending on the material you choose.
Below is a list of the most common driveway options available:
|Cost+Installation (per metre squared)
How to increase your kerb appeal
Increasing the kerb appeal of a house can be a transformative way to make a lasting impression on potential buyers and impress surveyors.
You should start by ensuring the front lawn is well maintained, with neatly trimmed lawns, manicured shrubs and colour flowers that add vibrancy.
A fresh coat of paint on the exterior of your property can go a long way to creating a welcoming and polished look. You could also upgrade any lighting fixtures, adding warmer lights to add a touch of elegance and visibility in the evenings.
If you have recently installed a new driveway to your property, you should definitely consider making sure it is fully integrated into your garden design using pathways, decorative stones and removing clutter or unnecessary items.
Does a driveway add value to a house: FAQs
A single off-road car parking space could add up to 5% to a property value, whereas a second parking space could increase this to 10%.
Appealing or electric gates can add a further 5% to a properties value, as they offer security and can boost the kerb appeal to potential buyers.
Removing a garage might devalue your property, but it depends what you replace it with. If you remove it for more parking space or a bedroom, then it could increase the value of your house. It’s always important to seek guidance from a surveyor.
You will need planning permission from the council to get a dropped kerb installed on a property, assuming the council owns the pavement.
If you’re looking to sell your property, we can help you sell in as little as 28 days … and for free! We’re an online estate agency built to change the way people sell houses.
We will work with you every step of the way to ensure the process is completely stress free for you, and we will handle all the legal work.
We don’t mind if your property has a driveway fit for 4 cars, or no driveway at all, we will help you get the best selling price possible.