How much will an extra parking spot increase the resale value of a condo?

COLUMBUS, OH

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BRENT WILKER

Buzzer

126

How much will an extra parking spot increase the resale value of a condo?

Obviously this will vary depending on location of the building, but is there a rule of thumb or general percentage?

Canada / Resale Discussions

EUGENE MEZINI

Buzzer

157

Very hard to say because it also matters on the size of your unit. A second parking spot on 500 sq ft wont increase the value very much but if you have a 1000 sq ft, it will make a huge difference. Plus you also have to factor in the availibility of parking in the surrounding area. For example, is street parking available? can you lease a spot in the building? can you lease a spot nearby? can you buy another spot?
Also, each building has a designated number of spots available. The less spots available per unit the higher the value of that spot.

GRACECONDOS

Buzzer

The great thing about owned parking spots over exclusive use is that you can sell the second parking spot individually. So let's say that spots in new buildings are going for $40k on King W. If a condo with two spots isn't fetching the premium the spot deserves, the owner can sell the spot to someone in the building, separately, then get fair value for the condo with only 1 spot.

MATTHEW SLUTSKY

Senior Buzzer

2299

171

^^Exactly. That is a great move.

DARLENE

Buzzer

Owning two parking spots have a few advantages. Selling one like GraceCondos says is always a great option, or using one to rent out to someone else is another option, or depending on the area that you live in, many people own two cars so having two spots is a great selling feature, especially if you are living in the northern part of the GTA. Will it add extra value to your suite, it may, but only to someone who really needs two parking spots.

BRENT WILKER

Buzzer

126

Great feedback everyone, thank you. The project is in a high-growth area of Port Coquitlam, a suburb of Vancouver. Like the condo itself I see the second parking stall as a long-term investment. Currently there is a reasonable amount of street parking due to the remaining single family homes in the area, but the area is being redeveloped rapidly with higher density construction.