Monday may I buy a parking spot with my pre construction condo purchase? It might not be a necessity for some, but there is good value to be had when buying a parking spot in the early stages of development. In some cases you can buy for half the price or a highly discounted rate, and then sell it or rent it out at a later date. There is no lack of demand for parking, especially in the downtown core. Some examples of the need for additional parking;
Families who need more than one space and would rather rent one instead of purchasing two.
Single guy gets a girlfriend who moves in and has a car, he will now have to look into getting her a spot.
Sales executive has a really good year and is rewarded with a new sports car! He/she has decided to hold onto older car for winter driving. He/she will need another space.
Those are just a few of the you never know examples we have come up with..
The best reason to purchase that parking spot if one has the money is that it makes for a good investment, and it usually fits the “Will is go up in value/Can it easily be sold or rented” criteria.
Be sure to consult your real estate advisor when contemplating these decisions.
