So is seeking out an investment property with its own parking space worth it? With so many properties including parking spaces on the market, rather than a luxury addition to the home, this feature’s prevalence seems to make going without one a detriment to investors, impacting the property’s value.
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Commenting on Yopa’s research, CEO of Yopa, Verona Frankish, said: “Homebuyers tend to embark on their property search with a list of ‘must haves’ and for many, parking is one of these essential features. After all, our vehicles can be our most expensive outgoings after our homes so peace of mind that they are parked safely is understandably a high priority.
“So despite the fact that there is currently an abundance of stock listed for sale with the addition of a parking space, such properties can still command hefty house price premiums, with the price buyers are willing to pay climbing substantially in some regions compared to others.
“This means that, as a seller, it can really pay to showcase your property’s parking spaces when listing on the market, particularly if you have a secure and safe space such as a garage, or other parking security measures installed.”