2nd Car space with apartment ?

P

phoenix_n

Guest
Hi all,

Was wondering whether anyone here thought that purchasing a second car space with a new apartment would be worth it. I have asked for one in a new development in the city centre (30,000) and wondering if it would be worth it buying a second.
  1. Would it make the apartment more desirable in the future to have 2 parking spaces.
  2. Is it relatively easy to rent out car spaces. (about 3 minutes walk from lower o'connell street). Figure price would be 100 per week giving about a 6% return. Am i wide of the mark ?
Have a good weekend.........

[edit]

Sorry guys just noticed the thread http://www.askaboutmoney.com/showthread.php?t=30954 about my very question.

....So if i may....should i hang on to see if i can get it cheaper or put my name down for one. My mate also bought in the development so can i just ask for his space if they restrict , for now, just one space per apartment....
 
I think €100 is too much.

Why not charge enough to just cover the cost of your space rather than make a profit?

It wouldn't cost much more than 20 quid a day to park in Dublin, there's no incentive in what you're asking for the space.

€75/80 would be fairer.
 
If i have to save enough to afford to fork out another 30,000 and use that rather than put it in shares i am going to offer it to whoever can pay the most. I understand your concept of fairness but that doesnt pay my mortgage.

Lappy said:
I think €100 is too much.

Why not charge enough to just cover the cost of your space rather than make a profit?

It wouldn't cost much more than 20 quid a day to park in Dublin, there's no incentive in what you're asking for the space.

€75/80 would be fairer.
Click to expand...
 
Lappy said:
I think €100 is too much.

Why not charge enough to just cover the cost of your space rather than make a profit?

It wouldn't cost much more than 20 quid a day to park in Dublin, there's no incentive in what you're asking for the space.

€75/80 would be fairer.
Click to expand...

Not vaible suggestion. Are you talking about feeding a meter? This is illegal I thought plus although it may only cost 20 quid, you'd have to be able to go out and constantly put money in. How close is parking to job, would employer be understanding etc. There's also the issue of security.

Having said all that, I think 100 is a bit excessive and it might be difficult to rent. Good luck if you can get it tho.
 
I only guessed at 100 per week but looking on daft its about 150 per month.

I guess the only real advantage to buying a second space is that visitors will have a parking space (expensive luxury on my part!) but guess may be handy in the future either to sell to another apartment owner or to offer the apartment with 2 spaces.

But can i wait and see if it will be offered at a reduced price or put my name for a 2nd space now.

? any ideas ?
 
I'd do it now. That close to the city centre will only increase its value over time. I paid 40k for a space last year. Thought it was daylight robbery at the time but the builder subsequently refused to sell any more spaces with one bedroom apartments. Therefore I am one of the few owners of a 1 bed with a car parking space. Frequently asked about renting it. You can always rent it out and let your visitors look after themselves! Also a lot of couples have 2 cars now and its difficult to buy/rent an apartment with 2 spaces. IMO if you can afford it, its a no brainer.

Good Luck
 
Thanks liteweight. I only thought about it driving home this morning. I bought the place on tuesday and only decided on a parking place on thursday. (initially was going to buy without any parking!)

I will go for 2 spaces. Will ask anyhow and will keep you posted. (there goes my trip to australia next january :( )

liteweight said:
I'd do it now. That close to the city centre will only increase its value over time. I paid 40k for a space last year. Thought it was daylight robbery at the time but the builder subsequently refused to sell any more spaces with one bedroom apartments. Therefore I am one of the few owners of a 1 bed with a car parking space. Frequently asked about renting it. You can always rent it out and let your visitors look after themselves! Also a lot of couples have 2 cars now and its difficult to buy/rent an apartment with 2 spaces. IMO if you can afford it, its a no brainer.

Good Luck
Click to expand...
 
Most leases state that you can only rent out spaces to other apartment owners or tenants.
 
liteweight said:
Not vaible suggestion. Are you talking about feeding a meter? This is illegal I thought plus although it may only cost 20 quid, you'd have to be able to go out and constantly put money in. How close is parking to job, would employer be understanding etc. There's also the issue of security.

Having said all that, I think 100 is a bit excessive and it might be difficult to rent. Good luck if you can get it tho.
Click to expand...

You can park up in any of the many car parks all day!
 
monkeyboy said:
You can park up in any of the many car parks all day!
Click to expand...

Wasn't aware there were 'many' car parks on Lower O'Connell St. Can you reserve a space in them or do you have to get lucky? If you can't reserve a place then times like Christmas, Easter, December 8th, the sales or indeed any time there was anything big happening in Dublin, you might be hard pushed.
 
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