How important is a parking space?
Adding an off-road parking space
Adding a parking space to your house or maximizing your existing parking space is one of the single most important ways you can add to your homes worth according to property experts.
With local authorities trying to rake in as much from parking fines from residents as they can get away with and many councils doing away with free Sunday parking, many potential homeowners are trying to secure a property with a permanent parking space.
Parking spaces are increasingly becoming like a ‘needle in a haystack’ and more and more homeowners are converting excess space in their gardens into valuable parking spaces.
Adding a single parking space to your home could see your property’s value rise by 5%. So on a property valued at £200,00 that would be an increase of £10,000. TV property expert Phil Spencer argues that the benefits of having a parking space could add up to even more:
If you want to add value in an area where parking is at a premium, then it certainly makes sense. You may need planning permission and have to spend over £1000.00 but the added value could be £50,000 in an expensive urban location.
A garage conversion can also see your home’s market value increase significantly. Research by banking group Santander revealed that the average garage conversion saw a property’s value increase by £7,250.00