Comfort and convenience. These are two selling points that condos are very much known for. And for car owners, comfort and convenience don’t only concern the unit itself, but also the parking. While condominium parking spaces are required, not all the unit owners are entitled to a parking slot.
To better understand condo parking, here’s a guide on what do you need to know about your condo parking space:
1, Condo parking is not 1:1
While condominiums have parking slots either in the building or in a designated outside parking lot, the ratio of units is not 1:1. This is because property developers know that not all of the residents of their condo would have a car.
Depending on the country, different minimum parking slot allocations are mandated to multi-family dwellings and condominiums. If you have a car, make sure that you secure a parking slot.
2, Condo parking is not free
When we say that parking slot is not 1:1, it doesn’t mean that it’s on a first-come, first-served basis. Parking slots are not free so only those who bought can actually use them. And on that note, if you decide to buy a parking space, it has its own title that is distinct from the title of the condo unit itself.
Condo parking is also priced differently from your condo and doesn’t always go head-to-head in terms of per square meter.
3, You can rent parking space
If you are not keen in buying a parking space, but you know that you need it, you can choose to rent a slot from another owner. There are some people who buy parking spaces even without a car of their own, allowing people like you to lease one out from a parking slot owner. On the other hand, if you did decide to buy a parking space and you don’t have a car (or at least don’t have a car anymore, then you can also offer to lease out your parking space to someone else
4, You can sell your parking space
When you buy a parking space, it should have a separate title, allowing you to sell it separately from your condo unit. In doing this, you may be able to sell your parking slot at a higher cost that what you bought it for – and it’s totally normal to do so, especially when the competition for a parking slot is too high, especially when all the units have been sold already and the need for more parking has not been addressed.
5, Parking also has its own maintenance fees
You are likely aware of the association dues or maintenances fees that are collected for maintaining common areas and facilities. Parking is not included in such association dues, so you pay a separate maintenance fee for your parking.
6, Parking adds value to your condo
Should you decide to invest on a parking slot, you can use this to add value to your condo. This is true whether you are offering your condo for sale or for lease. The availability of in-building parking allows you to charge a premium when you rent out your condo, or a higher price tag not only for the parking but also for the unit itself as you are able to offer a scarce resource in your condo.
Be smart about condo parking
Condo parking is seen by most people as a necessary part of their investment. The choice ultimately rests upon your preference. Whether you buy or rent a parking space is really up to you. We hope that you learned from this guide what need to know about your condo parking space so that you can be guided on what to do next.