Can a posh car on the driveway help you sell your home?
New research from Avis reveals that a posh car on the driveway can help you sell your home and increase property value by thousands.
•Over a third of Brits (35%) believe a premium car on the driveway increases the value of their home
•On average, a luxury vehicle parked in front of a property can add over £4,300 to the asking price
•Over 1 in 10 (12%) would consider hiring or borrowing a luxury car to park on the driveway when putting their property on the market
•Brits believe a flashy car on the driveway creates the impression that it’s a desirable area to live in (34%), a safe neighbourhood (27%) and that it’s an attractive home (17%)
Forget freshly mowed lawns, clean windows and a new paint job, an independent study released by Avis Car Rental revealed that it’s a premium car on the driveway that will help sell a home.
As the property market heats up, the survey of 2,000 people* uncovered that over a third of Brits (36%) think having a flashy set of wheels parked on the driveway would help sell a property, and a further 35% believe it would increase a property’s value.
Parking a luxurious car on the driveway adds an average of £4,300 to the asking price, but homeowners in Wolverhampton will see the most value-add, with a luxurious vehicle parked outside a home adding up to £6,100, more than anywhere else in the UK.
The majority (57%) of Brits admitted they would take notice of a high-end car parked on the driveway when going to view a prospective home and that it would give them the impression that it’s a desirable area to live in (34%), a safe neighbourhood (27%) and that it’s an attractive home (17%).
More than 1 in 10 (12%) Brits have considered hiring or borrowing a luxury car to park outside their home when putting it on the market, with 6% admitting to having hired a luxury car in the past to make the ultimate first impression with prospective buyers.
With the housing market booming and average house prices in the UK soaring by 9.1% in the last twelve months**, the trend of hiring or borrowing a desirable car to park on the driveway to add kerb appeal has mainly been adopted by young professionals, with 18% of 18-24 year olds admitting to doing so. According to the Avis study, people in Swansea are the most likely to hire a car to add value to their homes (18%) followed by those in Leeds (17%) and London (17%).
The right model
Luxury car brands including Mercedes (45%), Audi (26%) and BMW (24%) top the list of vehicles to park outside the front door, with convertibles (31%) proving the most popular vehicle type, followed by saloons (28%) and 4x4s (18%). Women are more likely to opt for convertible types to make the ultimate impression with prospective buyers whereas men favour saloons.
Homeowners wanting to add value to their property without buying a high-end car can hire a head-turning vehicle for a fraction of the price*** from the Avis Select Series, including the:
•Audi A1 Sportback S Line from £32 per day
•Mercedes-Benz A Class CDi from £39 per day
•Peugeot RCZ GT from £44 per day
•Audi A5 Sportback from £62 per day
•BMW 4 Series M Sport from £84 per day
Miles Shipside, Housing Analyst at the UK’s busiest property website Rightmove, comments:
“The driveway is one of the first things a potential buyer sees when viewing a property, so dressing it with a head-turning car naturally helps set the right first impression. Indeed our research shows four out of 10 people make a decision that it’s the house for them before they go beyond the hall, so those early first impressions are very important to turn possible buyers into probable ones.
Emotion is an important factor, and if people can imagine living in a property and associate it with the trappings of success then it all adds up to give a more positive vibe. People can dismiss your property from a roadside glance, so an expensive car in the driveway could certainly raise the status of the property and entice them inside, especially if it also demonstrates how they could make the most of the outside space or garage.
But make sure that if you build up expectations with a luxury car out front that the interior of your home doesn’t disappoint. Getting the right combination of a welcoming exterior, entrance hall and appealing accommodation can add thousands to the value of your home and can be critical in securing a sale.”
Mark Servodidio, Managing Director, Avis UK commented:
“Parking a head-turning car in front of your home is a great way to create a lasting impression with prospective buyers. With a range of luxurious cars in our fleet, the Avis Select Series provides the ultimate opportunity to look stylish and impressive.”
For more information on Avis Select Series range of cars visit avis.co.uk/select-series
*Research based on a OnePoll survey of 2,000 adults across the UK on 10 April 2014
**9.1% increase in UK house prices based on figures from the ONS released in April 2014
***Prices based on weekly hire from London Waterloo from 12-19 May and were correct as of 17 April 2014. Fleet availability varies on location.