When you’re asked if you should invest in a parking space in your condo, it looks pretty simple to answer. Do you have a car? Yes. Don’t have a car? No.
However, in condo living and investment, the answer is a little bit more complicated especially if you think about the pros and cons, the potential income that comes with owning a parking space, and the other costs it entails.
Whether you want a parking space for your car or are looking to earn from your condo investment by renting out space to someone else, investors and condo buyers have a keen interest in parking spaces that may be bought independently or as part of the condo unit.
However, before investing, you should ask yourself an important question - do you need a car if you live in a condo, especially when you have walking access to transportation hubs, not to mention on-demand transportation services? How about the food and grocery delivery apps that bring you everything that you need right to your doorstep?
Even if you don’t own a car or aren’t even thinking of owning one in the near future, there are some advantages and disadvantages of owning a condo parking space that will help you reach an informed decision.
It can add to the value of your condo unit
Adding a parking space can boost the cost of your condo unit, even more in areas where parking is limited.
Nowadays, most condo buildings have fewer parking spaces than units because of the limited space and smaller development sites. With the increasing demand, these parking spaces are becoming hot commodities.
You can lease it out
One of the biggest misconceptions about condo living is that units with parking spaces should only be considered by condo unit buyers who own and drive a car. But as it turns out, owning a parking space can be very lucrative.
You can always lease out the parking space to your neighbor or someone who lives or works in your area. Additionally, if your condo is an investment property, you can rent it out to your own tenant separately and earn more money on the side.
However, parking space rules vary from condo building to building, so, it’s better to check with your condo board. Furthermore, many condo buildings also have the restriction that the parking space can only be rented by residents in the building and not to an outsider.
It is important to know the rules set out by the condo board to know of any restrictions beforehand. You also need to check whether the parking space is deeded to you, or as separate property. You can only sell the parking space as a separate entity if it is deeded to you.
You can double your money when you sell
Since most developers are not building enough parking spots today due to limited spaces. There is a big chance not to meet the demand of tomorrow, so expect to see a major upsurge in parking space prices soon.
However, while buying a parking space seems like a good decision, here are some reasons why you should think about it before making any decision:
It comes with its own maintenance fee
Most condo unit buyers don’t know that even after paying an extra amount for a parking space with their unit, they are not finished paying for it! As with your condo unit, there are monthly maintenance fees involved. This might come as a surprise to condo unit buyers who are considering purchasing a parking spot.
It doesn’t always make economic sense to buy a parking space
Aside from paying extra for the parking space every month, you also have to check if it makes economic sense to purchase a parking space with your condo, especially if your finances are already stretched thin.
A parking space is one of the huge concerns for condo buyers and renters. It is often one of the considerations in sealing the deal, whether in investing or renting. If you own a car, it is best to check all possible options before deciding. You also have to consider monthly payments, how often you are going to use it, your lifestyle, your desire to get more than one car, and if you really need it. Condo parking poses a serious headache for condo residents, so it is best to know the parking rules and regulations as a way to avoid parking nightmares in your condo property.
If you’re interested in purchasing or investing in a condominium with parking space, we invite you to explore the condominium properties of Vista Residences.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that are strategically located within inner-city areas, in close proximity to premium universities and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre selling condo projects in Quezon City such as Hawthorne Heights and Vista Pointe.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
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.