In 2021, are driveways a good investment?
July 18, 2021
When people think of investing in a home in the Cardiff, Newport, and Monmouth areas, driveways are generally the last item on their minds. For good reason, the prospect of a new bathroom or kitchen stands out as a very practical investment that can significantly increase the value of a home. A driveway, on the other hand, can provide all these advantages at a fraction of the price. Here’s why a new driveway is such a great investment for any homeowner.
Examining the Return On Investment (ROI)
It’s time to consider driveways as an investment opportunity. We do not have money to waste in this day and age. Every pound we put into the property must go the extra mile. Return on investment is a common metric for this. There are two sorts of return on investment: financial and functional. Financial return on investment refers to the money you earn back from this effort when you sell your home. Functional return on investment refers to the benefits it provides to your daily life.
Increasing the property’s overall value
Did you know that a driveway can boost the value of your home by up to 10%? The true value of an extra parking space has been revealed by a study conducted by one of the main parking space marketing organisations. This is especially true for individuals who live in a congested metropolis; parking spaces in central Cardiff may cost up to £100 per month, making them an excellent investment for anyone seeking a steady stream of income.
Selling Your Property’s Convenience
When it comes to selling your home, the extra touches, such as a freshly laid Tarmac, will help to influence buyers in your favour. The property market is incredibly competitive, and if your home does not stand out as the ideal place for potential purchasers to reside, you may discover that it sits on the market for longer than anticipated. A newly laid driveway can just be the deciding factor in their decision.
An Investment That Will Pay Off Over Time
A driveway is a terrific way to go if you’re seeking for a long-term home improvement project that will benefit you and your family. This driveway should last roughly 15-20 years if you use a highly robust surfacing material like tarmac. Driveways will typically outlast their predicted life span with good maintenance, giving you with a stunning entrance to your property for a long time.
Creating a Secure Area for Your Vehicles
The security that a driveway provides is unrivalled. When opposed to parking on the street, a driveway eliminates the possibility of your vehicle being damaged by passing vehicles, giving you complete peace of mind. This allows you to buy a new car in the future without fear of it developing dents and scrapes due to no fault of your own. For safe vehicle parking, driveways are the best option.
So there you have it: four reasons to think about a new driveway as a home improvement project in 2021.