Investing in your own property is a big decision. There are many factors that you should consider when entering into such a big commitment. Most of these considerations in buying a condominium unit revolve around the location of the property, the size of the unit, the amenities available for unit owners, and of course, the price.
Perhaps one of the less talked about areas for consideration is condominium parking spaces. So if you’re thinking about whether or not you should buy a parking space together with your condo unit, then there are some things that can help you decide:
Parking spaces in a condominium are limited
When a condominium is built, the unit to parking slot ratio is usually not 1:1. With limited parking slots, there is bound to be competition. You may not have a car today, but when you do decide to get a car in the future and you didn’t buy a parking slot earlier, then you may not have one available for you when you need it.
But if you are more than certain that you do not intend to get your own car, then maybe not getting a parking space is right for you.
In-building parking is convenient and safer
If you do have a car, the convenience of having your car parked in the same building as you is a lot more convenient as compared to parking elsewhere. This is especially true when it’s raining and you forgot to bring an umbrella, or if you have a lot of things that you need to put in the car or take from it. Assess whether there is nearby parking to your condo. If there is none within a 5-minute walk’s distance, you’re better off investing in a parking space within your own condo.
Opting for an in-building parking space also keeps your car more secure as you can easily check on it every now and then as compared to having to go to a parking space in a separate location. Having your own parking space also limits your exposure to illegal parking, avoiding costs associated with having your car towed.
Renting a parking space may cost you more in the long run
If you’re weighing between renting a parking space or owning one, it’s best to look at the bigger picture. Sure, buying a parking space involves a high initial cost, but in the long run, this is actually cheaper as compared to renting out a parking space from another unit owner.
Also, there won’t be an assurance that you can keep that parking for long as the parking slot owner can take it away as soon as he needs the parking for himself. So if you need a parking space, it is really a good idea to get your own rather than renting from somebody else.
A parking space puts a premium on your property
Should you decide to rent out your property, or to have it listed on Airbnb, you can put a premium on your unit for having a parking space. Not all properties are offered with parking space so having one helps you charge a higher rate for it.
On a separate note, you may also rent out your parking space to other building owners should you find yourself not needing your space.
For the most practical approach, as much as it is cheaper to get a unit in the pre-selling stage, it is also cheaper to get a parking space at this time. So if you really plan to turn your unit into an investment, you can get best returns if you get your unit and your parking slot at the time when they’re offered at the lowest price.
Getting condominium parking spaces really depends on unit owners’ need for one. If you have a car, having a parking space in your building is safe, convenient, and is more cost-effective in the long run. But if you don’t have a car, a parking slot can also be an investment opportunity so that is something that you can consider too.