Condominium Parking Spaces: Why You Should Buy Your Own
Owning a condominium comes with several benefits as well as several decisions to make. One of these decisions is whether or not to buy a parking space. While some condos come with their parking spaces, others do not. So, if you happen to love a condo that does not come with its own parking space, you will have to decide if you want to purchase a slot with it or not.
Some people might believe there is no use for a parking space, especially if you do not own a car. However, this is not always the case. So, if you want to purchase a condo that does not have a parking space, is it a good idea to buy one? Here are five reasons why you should buy your own condominium parking space.
It is More Convenient
Imagine coming home after a stressful day at work, and you can’t find a spot to park your car. You keep driving around in circles, looking for a place to keep your vehicle for the night, but nothing comes up. The whole process can be frustrating.
Alternatively, there are days when you might easily find a parking spot, but what if it is raining? You would have to get soaked in the rain or wait for the downpour to subside.
Well, if you owned a parking space, you would not have to worry about things like that. All you have to do is drive home, park in your very own parking space, and head up to your condo.
You Save Money
Some people rent a parking spot and pay a certain amount monthly. This might seem like a more affordable option in the beginning. However, considering the amount you would have to spend in the long run, it is more economical to take the plunge and purchase that spot from the get-go.
Your Car Is Safer and More Secure
Granted, you might find a space to park your car on the street, but how safe is it? Several risks are involved if you choose to leave your vehicle on the street side and not within the confines of your condo.
First of all, you have to worry about all the damages your car may sustain or the fact that someone might break into it and steal valuable assets.
Secondly, another driver might ram into your car and completely damage it. In times like these, you might need to learn the difference between stacked and unstacked car insurance so that you know what works best for you.
Ultimately, to save yourself from heartbreak, it is best that you buy a parking space. With your car in a dedicated parking space, you can be sure of its safety and have peace of mind as you sleep at night.
It is a Wise Investment
Renovating your condo to increase market value is not the only way to see real estate returns on investment (ROI). Due to the increasing number of residences and the limited number of parking spots, the value of parking spaces will increase over time. Hence, if you choose to buy one now, you are more likely to see a return on your investment.
Furthermore, owning a parking spot increases the value of your condo. So, if you decide to rent out or sell your home.
Besides adding value to your condo, you can use a parking space as a separate entity. You can rent it out to other homeowners and guests to make passive income. If you want to increase your passive income, you can purchase more than one parking space (if available) and rent them out.
There are little to no property types that give you this flexibility when it comes to cash influx. The best part about renting out your parking space is that you can do it during any period of the year.
You Can Attract Potential Buyers
Some people buy condos solely for the purpose of flipping them. The idea behind flipping condos, indeed, is to buy them when they are below market value, renovate them, and sell them at a profit.
However, including a parking spot when advertising the refurnished condo can attract more buyers than if the residential unit did not have one. So, if you want to sell a condo quickly and move on to the next one, you should consider opting for a parking space.
Final Thoughts – Condominium Parking Spaces Are Worth It
Owning a condominium parking space has numerous benefits, and these benefits are not only limited to your convenience and the safety of your car. You can turn your parking space into a profitable business by selling it or simply holding on to it and watching as its value appreciates. The advantages of owning a condo parking space are endless, and buying one is worth considering.