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Why You Need a Parking Space in a Condo Unit

by John Carlucci - July 16, 2022

Condos nowadays don’t usually come with parking. Parking is usually sold separately for unit owners who would want to buy. With the assumption that not all buyers would need to buy a parking space, parking allocation is also not 1:1.

With condo parking being a limited resource, you should quickly think whether or not you want to buy a parking slot before they run out. 

If you still need a bit of convincing why you need a parking space in a condo unit, then here are some things that you should consider:

  1. Having a parking slot adds value to your condo unit

Granted that parking space is limited, a condo that comes with a parking slot is generally more appealing for secondary buyers, This allows owners to put a premium on their condo unit as compared to other units in the same building that do not have a parking space. With this, you will be able to increase the value of your unit at a faster rate as compared to other sellers.

Aside from a selling perspective, parking also adds value to rental properties. A condo unit with a parking slot also commands a better value as to a comparable unit without parking. And this is true whether you are planning to lease out your unit for a shorter term such as through Airbnb, or for a lease with a longer term.

  1. You can earn from renting out your parking slot

If you do not have a vehicle, then it is not reason enough to buy a parking slot. Even if you don’t have a need for a parking slot now, when you do get a car later on, it might be challenging for you to acquire parking. Besides, you can rent out your parking slot for the meantime, allowing you to earn passive income while retaining ownership of the parking slot that you may need in the future.

  1. In-building parking is safer and more convenient

If you are considering other parking options such as a pay parking outside your condo building, then you should know that is safer and more convenient to get one within your condo’s premises. This is because only residents and registered guests will have access to the building parking. 

You also won’t need to brave the rain or heatwave just to get your car. It will also be easy for you to get something from your car in case you forgot anything if it’s just within your own condo as compared to having to go out. 

  1. Parking is eyed as a way to regulate car volume

There are governments who eye measures to reduce volume. While it may seem like a stretch, there are certain proposals to require car owners to have parking so that their car would not be parked in the street while at the same time limiting the number of cars you can own depending on the amount of parking space you have. So getting a condo parking may just be a good idea even if you don’t have a car yet.

So, do you need condo parking?

There are lots of advantages for owning a parking slot in your condo. Whether or not you need a parking space immediately, there is merit to get yourself one of the limited parking spaces in your condo building.

With a parking of your own, you’ll be able to park safely and conveniently. You will also be able to increase the value and the appeal of your unit as compared to similar units that don’t have parking.

So do you need to get a parking slot in your condo? Yes, you definitely do.

Author

  • John has worked alongside Real Estate Giants across USA and Canada for decades. Since he started Prudentialcal, he has been actively rendering service as business adviser to many companies in the real estate industry. He formed Prudentialcal in hopes of providing the most reliable stories and information there is in the vast industry of real estate

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