Reasons Why Invest in a Condominium Parking this 2022

For most people, investing in real estate is a significant choice. Therefore, it is crucial to consider any factor that could increase the value of the real estate property. Before making a purchase, there are several factors to consider in addition to location, size, amenities, and condition. Should buying condo parking spaces in the Philippines be necessary? Investing is essential because parking spaces' market value is always rising. However, due to the increased demand, the price of the condo parking lot is now more expensive. Let's find out if getting a parking space with your condo is actually a good idea.

Do You Need a Car?

Owning a car is essential for any busy parent living in the city. When you're out with active kids, it makes moving around simpler, saves more time, and helps you maintain your sanity. However, the scarcity of parking places in residential and commercial areas is one reason some families might choose public transportation. If you can provide a car-owning family with a condo parking space as well, you may easily persuade them to move to a condo in Metro Manila.

Finding a condo parking space for sale in the capital can be difficult. The ones that are accessible for overnight car storage can be too expensive. If you do the calculations, buying a parking space in residential homes is significantly less expensive than the hourly rental rate when added up over the years you'd need to store your car. However, parking your automobile on the street is not a good idea because it is both illegal and dangerous.

A vehicle is necessary for an expanding family. Consider buying a parking space in a condo. Having a parking space is essential for the following six reasons.

Why is Parking Space Essential?

If you have a car, you must purchase a parking place in your condo complex. In the Philippines, condos are found in crowded urban areas where finding quality parking spaces is difficult. Most of the time, you'll drive around in circles, trying to find a free parking space. OFWs can identify with returning to the Philippines, getting caught up in the daily traffic, and losing their cool over the lack of parking spaces

Condo parking prices Philippines can be high, but instead of paying a monthly parking fee, think about purchasing a parking space for your condo. Contrary to popular belief, the long-term cost of renting a condo parking space is significantly higher. OFW buyers must treat parking space owners with the same respect as condo owners in order to avoid condo parking issues. It is preferable to think about purchasing a parking place in the condo complex if you own a car as opposed to parking on the street.

Why Should You Buy a Condo Parking Now

A parking space is a form of investment. 

You might be aware that a condominium development only has a certain number of parking spaces. The ownership certificate for a parking space is distinct from that of the condo unit. One advantage of buying condo parking space in the Philippines is that it might be an investment, especially if it's in a condo. A space might later be rented out or sold for more money. You have the choice to sell your parking place if you give up your automobile because most of your usual trips are close by.

Street parking is competitive. 

The last thing you don't want to do is to waste time hunting for a parking space before working or after a long day at work and with increasing duties at home. A spot is not always assured, especially on rainy days when many regions are underwater, even if your city has dedicated routes or open spaces for automobiles. The horrors of these downpours are well known to Mandaluyong and Quezon City residents. Save yourself the stress by securing a parking space in your condominium.

Vehicles parked unlawfully could be legally towed. 

Resolution No. 02-33, issued by the Metro Manila Development Authority in 2002, gives police the right to tow and impound stopped and unlawfully parked automobiles in National Capital Region. All secondary and principal roads, pedestrian crosswalks, in front of any legal driveway, and other locations properly designated as "No Parking Zones" are among the forbidden places. So you might want to consider purchasing a condo parking space for sale. 

The City of Manila reinstated its "no garage, no car" policy at the beginning of the year, which forbids parking on public streets. Depending on the type of car, owners will additionally be penalized Php 900 to Php 5,000 in addition to having their vehicles towed. Mayor of Manila issued a warning, saying, "We will tow away vehicles parked along the roadways, especially along secondary roads that serve as alternate routes, to show them that we are dead serious.

No parking, no car policy may soon be implemented. 

Congress is having a law considerations that would make a parking spot certificate necessary for the purchase of a car and registration with the Land Transportation Office. The "Proof-of-Parking Space Act," according to Congressman Sherwin Gatchalian, seeks to decrease traffic congestion in Metro Manila. The provision of a permanent parking area for private vehicles by property owners in their homes or any leased facility will be required. The law is still on the floor, but there is no denying that the Philippines' car parking regulations are moving in that direction.

Earn a friend by leasing out your parking space. 

The price of the condo parking lot is not really high, especially if you will earn a friend by doing so. There are no restrictions on how many automobiles can be sold to the general public in the nation. Furthermore, it's now simpler than ever to acquire a car, thanks to rising salaries and laxer regulations on auto finance. There are many cars in the city, yet there aren't many parking spaces. The same holds true for condominium complexes. There is a good likelihood that a condo apartment for rent doesn't come with a parking place because parking spaces are offered separately. If this is the situation, the tenants may inquire about adjacent parking garages or any building owner that rents out space. You have the chance to make extra money by renting out your parking place during specific times, like when you're at work. A car owner working the graveyard shift is the ideal lessee if you are a daytime employee. The future? Perhaps you'll make a buddy in the process. 

Owning a parking space will give you peace of mind. 

Do you realize that a parking space can cause a specific road rage? Parking spots are just like any other scarce resource that could lead to competition. Not infrequently do car owners get into verbal and physical altercations over parking spaces. There are not enough parking places despite a large number of private vehicles on Metro Manila's highways. Do you have to put your automobile up for sale as a result of this? No. To solve the problem, reserve a parking space. To address the issue of unlawful parking and traffic congestion, the government is enforcing harsher restrictions. Participate by following the rules. More advantages of investing a parking space include avoiding paying parking costs, making money from renting out your condo parking, and avoiding the headaches associated with protecting your car.

For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.