When you’re on the hunt for a condo, deciding up front whether a parking spot is a must-have is important. Parking is typically included in the price of resale units – although there are exceptions. For pre-construction condos, on the other hand, it’s usually an extra cost, and can run you anywhere from $10K - $150K, depending on the building and the location (downtown is expensive, folks). And in many new developments, there isn’t enough parking for everyone, so spots may only be available to purchasers of larger units.
Here’s a quick list of parking spot pros and cons:
Pros
It adds to the value of your unit. Having a spot associated with your unit can boost property value by as much as 5-10%, and even more in areas where parking is limited. If you’re selling a unit without a parking spot, on the other hand, your pool of buyers will be much smaller, and value will be lower.
You can rent it out. Don’t have a car? Use the spot as an income earner – you could get $150 a month or more for a parking space downtown, especially in a building with more units than allotted spots.
Cons
Your parking spot comes with its own maintenance fee. Yep, there’s a monthly fee involved, just like you pay for your actual condo, so factor in that you’ll be paying more than the sticker price.
It increases your costs. Since a spot adds to the value of a unit, you’ll pay more for a condo that has one. A unit without parking may be a better fit if you’re on a tight budget…you can always rent a spot from another resident or elsewhere nearby if you have a car.
Filter your search
Condos.ca makes it easy to search for units with parking based on the number of spots you need – or you can select “any” to see all options.
Read more: Using filters on condos.ca
So parking spot or no parking spot? The answer depends on your lifestyle, your needs and your financial goals. And you can always talk to your Property.ca Inc. agent to get their take – they may have insights you haven’t even thought of.