Purchasing a condominium in the Philippines is a necessary component for a young family who wishes to remain in the city. Still, when everyone is coming and going, a car becomes essential. However, what about having a parking spot? Should I buy a parking space with my condo?
When you have a growing family and live in a condo, you should think about getting a parking space. This article will learn why a condo unit owner should purchase a parking space sooner rather than later.
Whether you need a parking spot for your car or want to make money off your condo investment by renting out a space to someone else, parking spaces are a popular purchase for investors and condo buyers. Parking spaces can be purchased separately or as part of a condo unit. However, before you buy, you should consider if you need a car if you live in a condo, mainly because you have access to transit hubs and on-demand transportation options. What about food and shopping delivery apps that deliver everything you need to your front step?
Even if you don't possess a car and have no plans to buy one anytime soon, there are certain benefits and drawbacks to investing in a parking space that can help you make an informed decision.
Illegally Parked Cars Can Be Legally Towed.
Throughout 2002, the Metro Manila Development Authority issued Resolution No. 02-33, which authorized authorities to tow and confiscate automobiles illegally parked or stalled in Metro Manila. All principal and secondary roads, pedestrian crosswalks, in front of any legal driveway, and other sites duly designated as "No Parking Zones" are forbidden. The city of Manila resurrected its "no garage, no car" policy earlier this year, which prohibits automobile parking on city streets. Apart from having the vehicle towed, the owners would be fined between Php 900 and Php 5,000, depending on the vehicle type.
Car Buyers Might Need Parking Spaces.
A bill was enacted in Congress to reduce and decongest the deteriorating traffic in Metro Manila. Under the bill, every automobile buyer will be required to submit proof of parking space as a condition of purchase. The Proof-of-Parking-Space Act was enacted to reduce traffic congestion in Metro Manila caused by unlawful parking along driveways. The bill is presently being evaluated, but the increasing traffic situation in the metro suggests that it should be passed sooner rather than later. As a result, every automobile owner will be required to either have a private parking place in their home or have at least a hired parking space. So, buying a condo parking space in the Philippines is really worth your money.
Rental Parking Is Expensive In The Long Run.
Most condo owners do not see the need to purchase their own parking spaces, especially if they do not yet have a car, but once they do, they will realize the value in doing so rather than renting one from the condo complex. Ask yourself, should I buy a parking space for my condo? For the first three hours, the metro typically charges a minimum parking fee of P50–P100. Meanwhile, the daily parking cost within a condo complex would be set at P250–P400. Although some property management agencies also provide a longer-term lease of a parking park for P3,000-P5,000 per month. As a result, if you plan to rent your condo for a year, you would be squandering P60,000 every year and P300,000 over five years for a property you will never own. If you're analyzing your options, you could decide that having a parking place within your condo community is necessary.
Street Parking Is Extra Challenging On Rainy Days.
After a long day at work and a mountain of duties at home, the last thing you need is to squander time hunting for a parking spot. Even if your city has dedicated vehicle streets or open spaces, a spot is not always assured, particularly on wet days when many areas are flooded. Mandaluyong and Quezon City residents are well aware of the devastation that torrential downpours may cause. Save yourself the hassle by investing in a parking space.
A Parking Space Can Be A Form Of Investment.
You may be aware that parking spaces in a condominium property are restricted. The parking space has its own certificate of ownership, separate from the condo unit. One of the advantages of having a parking space, particularly in a condominium, can be an investment. A slot might be rented or sold later for a higher price. If you decide to give up your automobile since most of your regular locations are within walking distance, you can use your parking space to earn money.
You Can Lease Out Your Parking Space.
Leasing out your parking space might be an excellent way to supplement your income, especially if you aren't using it because all of your favorite spots are within walking distance. When you lease your parking lot for a more extended period of time, you might earn consistent revenue. If you only need it on occasion, though, you can accept a parking tenant for a shorter period of time. If you own a condo property and earn a profit by renting it out, having a parking spot might be critical, especially if you own a condo property in one of the most heavily traveled cities for business and pleasure.
Live In Peace, Own A Parking Space.
Do you realize that a parking spot might cause a different form of road rage than you might think? Parking spaces are like any other restricted resource that can elicit bidding wars. There have been numerous incidents of automobile owners fighting for a parking space, with verbal spats and physical clashes taking place. There are many too many private vehicles on Metro Manila's highways and far too few parking spots. Does this imply that you'll have to sell your car? No. The answer is to reserve a parking spot. The government is enacting harsher restrictions to address traffic congestion and unlawful parking. Follow the guidelines to help others. Other advantages of owning a parking space include saving money on parking fees, generating money from leasing your condo parking, and avoiding the headaches of vehicle security.
If you are thinking of living in a condominium, check out Vista Residences!
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.
