Even throughout the cost-of-living crises, the housing market continues to soar. James Baker at RegCarCheck reveals just how much car-related amenities can add to the value of your home.
As of the summer of 2022, 477,000 of the UK driving population owned an electric car. 790,000 owned a hybrid. It’s estimated that by 2040, the ownership of hybrid cars will rise to 25.5 million. Owning an electric car requires constant access to an EV charging point. As the population of electric cars continue, homes installed with a charging point are becoming very attractive to buyers.
‘Homeowners are boosting the value of their property by 5% adding a charging point’, says Baker. ‘The average UK property is valued at £292,000; this raises to £306,300 when the property holds an electric charging point. The average cost of a charging point with installation is £800, making it a no brainer for many sellers.’
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Driving to a 10% raise
25.7 million households own a car, making properties that have a driveway very appealing to homebuyers. However, according to Baker it’s not just the additional prospect of car safety that appeals to buyers so much that the value of the property is increased. ‘Driveways are very low maintenance and lower car insurance. Gravel driveways are often the most cost-effective driveways to install. Once a luxury, driveways are becoming a necessity for homeowners and renters alike’.
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Old school Garage
A property with a garage is in high demand. Not only do they provide additional storage space to the home with potential to add another room, but they also offer a secure space for a car.
Research reveals that properties with a well-maintained garage can add up to 15% to the value of your property, raising the average house price to £335,800.
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Dropping the kerb to raise the price
To execute a drop kerb outside your home, you must obtain permission from your local council. Failure to do so may lead to a £1000 fine. Vehicles parked over, (even just partially) a drop kerb can be issued a ticket from the local council. A drop kerb is considered a desirable to potential buyers as essentially, they have a say in the goings on of land beyond their home. Even if the property doesn’t have a driveway yet, the presence of a drop kerb sees that the paperwork and cost has already been submitted making it easier to implement a driveway.
Twice as long – permit holders
Studies have shown that properties on a road that is permit holders only take twice as long to sell. Although permit holders hold a guaranteed parking space, it’s a further financial commitment in addition to rent or mortgage payments. The occupiers of the property also hold little influence with regards to the cost of the permit each year.
By Brandon Russell
Source: IFA Magazine