What are apartments with and without parking spaces selling for now? That should give you an idea of the price differential.Would the car park space increase the value of my property by more than the car park space's cost of €25,000 or would I be better off throwing my savings into the mortgage?
I plan to sell the apartment in a few years. Would the car park space increase the value of my property by more than the car park space's cost of €25,000 or would I be better off throwing my savings into the mortgage?
Buy the parking space. At 25K in Ringsend it will not lose money and will make the apartment easier to sell. Secure parking is getting scarce in Dublin, and with all the new building around the gasworks, as well as the Corpo's habit of painting yellow stripes everywhere, free on-street space is getting even scarcer. Buy it!
Three comments: (a) the seller has a vested interest in inflating the selling price to an interested potential buyer so don't assume that this is a fair market value (b) as I said check past/current prices for apartments with and without a parking space to sanity check the real fair market value and (c) as above bid what you can afford and what you think it's worth rather than being driven by the asking price and comments about this being a no brainer.The bad news is that I called the management company last week to organise a sale only to be told that the developers have increased the price to 35K!
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