With some spending over 42.5 hours a year searching for a parking space near their home, is it time you invested in private parking or a driveway?
The cost of private parking
Have you ever driven past a home in your city, town or village and imagined certain elements of that property as your own? Whether you’re yearning for a fancy porch, chiselled garden or private outdoor area, outdoor space for both leisure and practical purposes is the number one priority for UK house hunters, new research has suggested.
This research, carried out by leading hard landscaping manufacturer Marshalls, asked 1,000 people living in the UK what they look for when choosing a new property. With a garden and off-street parking hitting the top of the list, it’s no surprise that we see these factors adding significant value to a property.
How much value would off-street parking really add?
When searching for the home of their dreams, almost a quarter of those asked (24%) said that off-street parking would be the most important feature they’d look out for when on the hunt.
However, if you’re thinking of adding a driveway or garage to your existing property to help boost your value, the research also shows the additional value can vary dramatically depending on where you’re located in the country.
For example, if you’re a Londoner, adding a driveway to your property might not be as beneficial as you think – it will only increase the value of your home by a mere 22%; whereas if you’re living in Leicester, creating somewhere to park can add a whopping 60% to the top line of your property!
Those in Glasgow and Belfast will also really benefit from the addition of a driveway seeing an increase of 53% and 50% respectively to their property price; while those in Liverpool and Bristol would only expect to see a shockingly low 4% increase.
With almost half of those asked (45%) complaining about finding a parking spot close to their home, it’s no surprise to see housing prices reflecting the additional benefit of knowing you can park right by your front door every day.
Chris Harrop, Director of Sustainability and Marketing at Marshalls, commented on their findings:
“As the study shows, an investment in your garden or drive not only benefits your lifestyle, but it also adds value to your home if you decide to move on.”
Will you be investing in private parking?
While it may seem a cheaper option to continue to chance whether or not you’ll get a parking space near your home, investing in the addition of a driveway may pay off further down the line, especially when you look to move to your next home.
Marshalls found that residents who rely on street parking, spend on average 7 minutes a day searching for a parking spot close to their home. With this working out at 42 and a half hours each year, is it time you bit the bullet and added both value and practicality to your home with a private driveway?
