The number of cars in the US and generally across the world has increased. The fact that most of these cars spend most time stationary, it not surprising that a driveway is an essential consideration for most people when purchasing a property.
Parking is a big problem in most urban centers, and it is more likely to get worse with more restrictions being introduced by the councils.
The majority of people are not ready to give up on their cars anytime soon. If your property is located in an area where parking is a premium feature, you can add significant value by creating a driveway.
But is the driveway worth the investment versus other home improvement ways? How much value does the driveway add to your property valuation?
Here is a look at how much the driveway adds value to your property valuation.
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What Is the Cost of a Driveway?
Like any construction job, several factors influence the cost of a driveway. Some of these factors include;
- Location- you will incur a higher cost of Labor if you are closer to urban areas than in areas situated outside the cities.
- Size- size has a significant impact on the cost of the driveway. Smaller driveways will need fewer construction materials and labor costs than larger driveways.
- Materials. There is a variety of materials available to choose from to use in constructing your driveways from concrete, asphalt to block paving—yet, the cheaper the materials, the more maintenance required in the future.
According to average statistical estimates, a block paving for one car will cost about $3500, with a higher amount of this money being used on labor.
At the same time, the rest is split between waste removal and materials. The cost of a two-car driveway rises to about $4500, while a three to four car driveway goes for $6000.
How Much Will a Driveway Add to Your Property
There is no set answer on the question of the value a driveway adds to a house. Several factors affect the value of the property, and adding a driveway cannot overturn all the other factors.
According to statistical data, possessing an elegant driveway to compliment your home can increase your home value by up to 10 percent of the total property value.
This means that a home worth $400, 000 could have its value increase to $440 000. Adding a driveway for a second and third car will add considerable value to your home. The number of two-car households is increasing every year with the increased demand for cars.
More homebuyers will be seeking for a driveway for many cars on the same home. Considering the average home price in your area, your home could enjoy a financial boost if you have a driveway as an available option for the homebuyers.
A good example is the higher selling price for single packing lots in or near the cities. These are only packing bays with no homes attached. A driveway is estimated to add the value of a property up to more than $22,000.
However, this depends on your location. The home value that will benefit most from a driveway will depend on the location, including how much the residential parking costs, whether there is free parking, and so on.
Are Driveways a Perfect Investment?
Driveways are an excellent investment and add value to your property. According to statistical data, more than eighty percent of homebuyers would not buy a home without a driveway.
About forty percent of the homeowners preferred an outdoor garden in buying a home.
This means that converting your backyard into a driveway is a good investment in increasing your home demand and valuation. Investing in this improvement will add value and increase salability.
A driveway can be an excellent way to boost the value of your property. It is also worth noting that the driveway can be a money-spinner in its own way.
You can make more than $1000 per year by rating out your empty driveway to other car owners if you are not planning to sell your property.
Thinking of selling your property or you are unsure what your property is worth? Whether it has a driveway or not, www.perthpropertyvaluations.net.au has expert sales teams to give you advice and up to date valuation of your home.