Is it better to buy or rent a parking space?
From safe vehicle storage and making sure you always have a parking spot to simply parking in a convenient location, buying or renting a parking space or indoor car garage can make your life easier. Here’s a quick guide on whether to buy or rent, as well as how to rent your parking space if you already own one.
Looking for a Parking Spot?
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If you live in a condo and have a car, a parking space can be an essential car storage solution. A spot in your building’s parking lot eases your mind as it provides an ever-available space that is safe and convenient. However, if your apartment doesn’t come with a space, you face the choice of whether to rent or to buy. Renting requires less up-front cost and is ideal if you’re not sure you’ll always own a car. You also may not have the money to invest in buying a parking spot.
Buying a Parking Space
Buying a space, on the other hand, is an investment that allows you to keep the value of the property, rather than spend money on rent every month. If you find that you no longer need the space, you may be able to sell it and recoup your investment (and more). Or, you may want to rent your parking space out as a source of income.
Before choosing to buy, it is important to find out if your building has specific rules about its parking spots. Check for maintenance fees, taxes, whether you can rent out the parking space and to whom you’re allowed to rent it, if you can. As a buyer, you should also determine whether you will actually own the property space and whether you will receive a deed. If you are planning to rent it out, check the rental prices in your area to estimate how much you can expect to charge for your parking space.
Already Have a Parking Space?
If you already have a spot to rent or sell and you’re wondering where to list it and how much to charge, consider checking popular online sites like Kijiji. This will give you a good idea of expected rates. Posting on Kijiji is also an ideal way to quickly find someone who may want to rent your space. Other options could be using your building’s bulletin board or word of mouth, though these may be less efficient. Before you advertise, be sure to verify whether you can rent your parking space to people near you or whether you can only rent it to residents in your building.
An indoor parking space is ideal for protecting your vehicle and for convenience. Renting a parking space can be a great immediate solution that doesn’t require a large up-front payment. Buying a parking space allows you to keep the value of your investment, and potentially rent it out for side income.