I bought a 2 bed apartment in Ringsend 4 years ago. At the time I couldn't afford to pay for the car park space which was €25,000. I now have some extra money which I was going to use to pay off the capital sum of my mortgage. However, I was thinking it might be better for my investment if I bought a car park space(still for sale at €25,000). There is limited on-street parking where I live but more double yellow lines are being painted every few months!
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?
Also, if I do decide to buy the space, will I have to pay stamp duty/tax on it? (I am a first time buyer owner occupier.)
thanks
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?
Also, if I do decide to buy the space, will I have to pay stamp duty/tax on it? (I am a first time buyer owner occupier.)
thanks