Does adding an EV charging point to your property increase its value?
24th August 2023
24th August 2023
When looking at the roads today, owning an electric vehicle is more common than ever as the world continues along the path to sustainability. Their popularity is only increasing, too, so could adding an electric vehicle (EV) charger to your home add value to your property? The short answer is yes; it absolutely can. With the rise in popularity of electric vehicles and the introduction of clean air zones across the UK - sales of electric cars show no signs of slowing down. This article will explore the costs associated with EV chargers and the reasons why they could increase the value of your property when you come to sell with the current increase in electric vehicle ownership.
The cost of installing an EV charger at home can vary depending on many factors; costs depend on the type of charger, upgrades needed, and the complexity of the installation. Typically, costs will range from around £500-£2,500 but can increase if the installation is particularly complex or with more advanced chargers.
If you need to upgrade the electrical systems in your home, costs can also creep into the thousands - so this is something anyone considering installing EV chargers to increase home value should consider. While the costs can be high depending on your chosen electric car charging point, they have been shown to increase property value and can be a worthwhile investment with ever-rising electric car sales.
Installing an EV charger in your home could add up to £5,000 to its value, according to The National Association of Property Buyers. Whilst it should be noted that research is scarce and different sources can report wildly different figures, the fact remains that sales of electric vehicles show no signs of slowing as they gain in popularity.
More and more areas of the UK are also introducing clean air zones and so it isn't out of the question that demand for homes with high-quality EV charging points will only continue to increase as electric vehicles become more prominent. If this demand does increase, then so too will the value added to homes with charging points installed - so now could be a good time to consider an installation to see a boost in your property's value compared with the average UK house price!
Here are a few reasons why the addition of an EV charge point can positively impact the value of your home:
EV owners are more likely to consider a property that already has an EV charging point installed. With more people than ever either owning or considering owning an electric car, you are catering to a growing market by having one installed in your home. They are one of the most popular features that homebuyers look for in a property, so EV charging points provide a great extra selling point to potential buyers now and in the future. Even if you're not considering a move - it's something to consider.
Of course, whether prospective homeowners have an electric vehicle now or are considering buying one in the future, a home with an electric vehicle charging point is bound to stand out.
With governments and regulatory bodies around the world encouraging ownership of an EV, having an EV charger in your home can be seen as a forward-thinking investment. Buyers (especially those who own an electric vehicle already) may perceive it as a future-proof feature, which in turn will add value to your property.
While the actual value may differ depending on the location of your home and other external factors, adding an EV charger to your home is generally considered a positive improvement that can enhance its desirability and increase your home's value, so it's fair to say that it's a worthwhile investment for future-proofing!
If you're looking to sell your home for the best possible price and find out how to add value to your home, get in touch with Marchand Petit. We're a leading estate agent in the South Hams with over 25 years of expertise in property sales. Find out how we can help you today.