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.

How To Guard Your Property Against Extreme Weather
How To Guard Your Property Against Extreme Weather
Property owners face numerous challenges, and one of the most formidable adversaries is the unpredictable nature of weather. From scorching heat waves to bone-chilling cold spells, extreme weather conditions can wreak havoc on properties, causing damage and disrupting lives. However, ...
Maximizing Returns and Managing Finances Understanding the Importance of a Tax Depreciation Schedule
Maximizing Returns and Managing Finances: Understanding the Importance of a Tax Depreciation Schedule
Taxation is an inevitable aspect of financial management for property owners, investors, and businesses alike. Amid the myriad of deductions and strategies available, a crucial tool for optimizing tax benefits is the tax depreciation schedule. This comprehensive document serves as ...
A Comprehensive Noosa Holiday Guide Unveiling the Ultimate Accommodation Noosa Experience
A Comprehensive Noosa Holiday Guide: Unveiling the Ultimate Accommodation Noosa Experience
Nestled along the pristine shores of the Sunshine Coast in Queensland, Australia, Noosa stands as a testament to nature's beauty and a haven for those seeking a tranquil escape. Boasting stunning beaches, lush national parks, and a vibrant culinary scene, ...
The Ultimate Guide to Eco-Conscious Outdoor Space Makeovers
The Ultimate Guide to Eco-Conscious Outdoor Space Makeovers
Creating an eco-friendly outdoor space is not just about adding a few plants or recycling more. It's about designing a sustainable, energy-efficient, and environmentally conscious area that complements nature. Whether you have a small balcony or a sprawling backyard, this ...
Integrating Solar Battery Storage with Smart Home Systems
Integrating Solar Battery Storage with Smart Home Systems
In the technologically advanced city of Malaga, where the Costa del Sol bathes the landscape in abundant sunshine, Solar Panels Malaga is leading a revolution, not just in harnessing solar energy, but in integrating it with smart home systems. This ...
1 2 3 85
Prudential Cal strives to provide the most detailed information about the real estate industry. We assist people in making the best decisions possible by offering unique insights into the global real estate market and advice for both homebuyers and sellers.
Additional Information
Copyright © 2024 Prudential Cal. All Rights Reserved.
DMCA.com Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram