How driveway block paving can improve the value of your house

Parking is a premium commodity, especially in built-up areas. The costs of on-street parking and permits continue to soar with rising demand and limited supply. With such adverse conditions for the nation’s vehicle users, property owners are finding that an on-site parking space is a convenient and money-saving investment.

But convenience isn’t the only reason that a block paved driveway can add value to your property. The creation of a driveway – or the rejuvenation of an old one – can have a host of other benefits, too.

Quick and easy external renovation that adds value

According to the Homeowner’s Alliance, along with the Federation of Master Builds and the Guild of Property Professionals, the addition of a new driveway to an average property can increase its value by up to £13,354 in just nine days.

For property owners, time is very precious, and waiting for a renovation to complete can be very expensive. A building project which takes time will begin to eat up any return of investment the longer it takes. So, renovations that are prompt are also cost-effective.

Creating a new driveway is a relatively quick task that isn’t as disruptive as other redevelopments. It is external to the property and a driveway project still allows you to live your life without too much disturbance, and the added value is generated rapidly.

Driveway Installation Expense vs Return on Investment

In comparison to more ambitious building projects, the cost of a new driveway installation is significantly lower. Though the wealth generated from a bigger project can be much larger, the costs can also be huge. Where a 30m2 loft conversion can cost between £38,000 and £44,000, a block paved driveway covering the same area is a fraction of the cost at £2100 to £3000, according to Home How.

Loft conversions and other larger projects are also more likely to need planning permission and qualified contractors, whereas it is entirely possible to build a driveway yourself. Building an extension or redesigning your floor plans may require expert knowledge, especially where re-plumbing or rewiring is concerned. However, driveways do not require this level of understanding, and the main concern is that the water run-off complies with drainage legislation of SUDs and water capture occurs within the boundary of your property.

Kerbside Appeal & First impressions

Unlike most other home renovations, the visual impact of a driveway is immediate and will add to the kerbside appeal of your home. Virgin Money found that a beautifully made driveway can add up to 10% to the value of a property.

Your driveway is viewable from the road and is the threshold to your property. That means that it is a crucial part of the first impression of your home and has the potential to set the tone for everything.

When potential buyers look at an attractive driveway, they often make value judgements based on the materials they see used. Properties that use block paving for their driveway create an air of prestige and a warmer look and feel than bare concrete or tarmac. For the potential buyer, a beautiful block paved driveway is an extension of the main building itself, which promises a similarly beautiful aesthetic within.

Driveway Security and insurance

Even if you aren’t looking to sell any time soon, there are additional financial benefits to having a private driveway.

The Office of National Statistics has shown that private driveways are consistently the most secure of places to park overnight when it comes to theft or damage. Not only is it less likely to get stolen, but it is also less likely to be damaged than it is on the road or backing into a garage.

Car insurers have taken notice of this, and insurance costs for cars parked on a private driveway are typically much lower than those parked elsewhere.

Driveway Durability – Long-Lasting Block Paving

Once a driveway is installed, it is expected to endure high amounts of compression due to vehicle use. Poor materials or poorly executed driveway installation will wear and crack easily, so it is vital that the paving is of good quality and well laid. Paving blocks are not only simple to install, but are built to withstand vehicular access and movements.

For potential buyers, this kind of durability is a major benefit. A driveway built with block pavers can last up to 12 years with very little maintenance. This means that of all the renovations you can do to your house, a block paved driveway has a great capacity to hold its value.

Higher rental value from private parking for potential tenants

Property owners or potential buyers aren’t the only people who will benefit from a private driveway.

If you are buying to let, a property with a private parking space is a big draw for renters, especially if it is a built-up area. Street parking can be random at best, and if potential tenants can see that they always have their own parking space, they are more likely to take up accommodation. In a competitive private rental market, this is an excellent advantage, and will yield more rent.

Passive revenue stream – renting your parking space

Finally, you don’t have to be a potential seller, landlord or even vehicle owner to reap financial rewards for the installation of a driveway.

The advent of parking space apps/services means that you can build a passive income stream from your driveway. These services allow you to hire out your parking space to those who need to park in your area. In busy areas or locations that are close to travel hubs like airports or railways where demand for parking is high, the return of investment in a driveway can be very rewarding.

Summary

There are many quality of life and financial benefits to renovating or installing a driveway at the front of your property. We suggest contacting a local driveway installation specialist to get a quote, and you can then assess if this would make sense for you. In general terms, it is likely to add value to your property, improve the aesthetics of your home and improve the quality of your life, so we’re confident you’ll see the net benefit and go for it!