Condo parking slot – Should you buy one?

24 May, 2022

Condo parking slot – Should you buy one?

Do you own a condo? Every condo homeowner has the challenge of securing a parking spot at some point. If you don’t have a car yet or are used to parking elsewhere read this blog. Learn why there are real advantages to buying a parking spot in your own condo complex.

Should you purchase a parking spot in your home condo complex?

condo parking
Every complex will allocate a number of parking slots

If you have bought a condo already or are on the verge of buying one, read this blog. You may be offered a parking spot in your condo complex.  Condominium parking spaces are not on a 1:1 basis so not all condo unit owners can have a parking slot.

So if your condo complex has available parking spaces, consider these reasons to buy a parking spot:

1.   Every parking spot is high in demand

As condo parking spaces are not 1:1, the demand for it is very high. A lot of unit owners are likely to have a car or two so parking space is very limited. If at this point, there are parking spaces up for the taking, then you really are in luck. However, time is of the essence. These parking spaces will likely be taken very soon.

2.   Having a parking space adds value to your condo unit

Because parking spaces are highly-demanded, having one increases the value of your condo in the eyes of buyers. A condo unit with a parking space has advantages over other condo units without a parking slot.

And this is true even if you are planning to lease out your condo or sign it up for Airbnb. A unit with a parking space commands a premium price compared to one without parking. This enables you to enjoy better demand for your property and higher rental income.

3.   Parking spaces can be leased out

If you don’t need parking for a car, you may not need to buy a parking slot just yet. You will likely be allowed to rent out a parking slot. So you can use the rent to finance the parking slot. Alternatively, if you are able to pay for it outright, then you can enjoy it as an extra source of rental income.

4.   A parking slot in your condo complex is safer and more convenient

condo parking
The convenience of parking in your own building cannot be overstated

While you may have parking options outside your complex, it is still safer for you to park within the complex. This is because you know that only unit owners have access to the parking area. The property management team will also be managing the parking, so you know the built in security measures will keep your property secure. It’s also easier for you to check on your car since it’s in the building.

In addition, it is a lot more convenient for you to have your car within the same, especially in bad weather. You can get into your car dry and safe without needing an umbrella.

5.   Commercial parking spaces will cost you more in the long run

Going for other parking options may be more expensive, if you consider the long-term perspective. Especially as most commercial parking spaces charge a hefty premium for overnight parking. You might end up paying a lot more as compared to paying for the financing of your own parking slot in your condo.

Getting a condo parking slot is highly-recommended

For all the reasons given, buying a parking slot is really something to consider. Even without your own car, you can lease it out to other unit owners and benefit financially. So you could still benefit by buying a parking slot even without a car. When you do get a car, you’ll have the convenience of parking within your own building.

Parking slots in most complexes are a limited resource, so don’t delay. Given the chance to buy one, it is highly recommended that you secure your own.

FURTHER READING ABOUT BUYING AND SELLING A HOME

Condo living – The pros and cons

Signs of a bad real estate agent

Picking a real estate agent – Be in the know

Selling a property for the first time – What not to do

LamiaW

LamiaW

Founder and Director of HouseSitMatch - I'm a hands-on Admin on the site. Please ask any questions and as soon as I can I'll happily answer and assist where I can.

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