How much is a parking space worth?

Chanes

We recently moved and our house has a garage conversion which leaves it with a single parking space. You can park across the end of the drive on the road. The garden is big enough to accommodate easily two other vehicles if we have it paved.

The question is this: Is the price of paving the garden for parking worth the cost of it? (estimate 4k-5k for work)

Are three off road spaces value for money?

Hoploz

Do you want a garden or a parking space? You live there ... Which is most important to you?

Chanes

It has a large garden at the rear. I only want to know if spending the money on the spaces would see it returned if I sell. I am not of any hard opinion on the front garden, it can stay or go. And there would be a little garden left. But the trees will have to go!

davidmcn

I guess it will depend largely on how difficult it is to park elsewhere. If I could easily find another space on the street I'd probably prefer to have a garden.

lighting_up_the_chalice

It depends on who wants the property. A multi car household, or someone who likes a bit of lawn at the front of their house. Who knows? As Hoploz says, do what's right for you. If you lose out on the cost element, at least you have the convenience.

To be honest, most small scale improvements have little impact on a properties value, but they may (MAY) make it sell a bit quicker, come the time.

Chanes

davidmcn wrote: »

I guess it will depend largely on how difficult it is to park elsewhere. If I could easily find another space on the street I'd probably prefer to have a garden.

Many (most) other houses have converted some garden for parking which reduces the on road parking because of the drop kerbs. I am getting the feeling it isn't worth considering from the replies, I guess just having the potential to add parking would satisfy people if they like the house enough.

Cheers for the thoughts!

alibean121

Sorry is this not your home? If you need the extra parking then put it in, if you don't then don't bother. I don't think you'd add more value than the cost of the works unless there's a reason finding other parking is particularly difficult ie. double yellow lines or crazy permit regulations on the street but I also doubt the works would damage the price of your property and you'd have the convenience of using the parking in return for your money.

Maybe try waiting a while and seeing what parking on the road is like? If there isn't enough room for you then build the parking.

jamei305

A lot of buyers will be happy to convert a garden to parking themselves if that's what they want. It's the potential that matters to them.

However, buyers who prefer a garden would be less likely to convert parking back to a garden and you will reduce the kerb appeal for those people.

So leave it as a garden and you cater for both sets of people.

TBagpuss

As others have said, a lot is likely to depend on how difficult it is to park elsewhere.

Personally I would far rather have the garden - paving over the front makes a house look less appealing and if you lose trees etc you also reduce the privacy in any forward facing rooms.

I moved house last year and the house currently has tarmac covering the front garden - I am going to be taking it up and reinstating the garden as soon as I can. When I offered on the property the work needed was a factor in what I offered.

But even after I have reinstated the garden I will still have space for 3-4 cars off road, as well as space for at least one on the road outside.