belasco6 said:Hi Trent, you should buy it, especially if there is not many visitor spaces. My development has only 3 visitor spaces for 300+ apt's! So I decided to buy a second space. It's handy for when friends & family come to visit. My development recently introduced clamping, so you can rat on someone who is in your space and they will be clamped, justice!
redo said:Plus, you can rent it out for around 150-200 pm.
Trent said:Thanks for the advice so far guys....some good food for thought. The development is 5 miles (not 0.5 miles) from the city centre. Near a dart station, but not close enough to rent to a commuter, or indeed for the immediate vicinity to be affected by commuters parking and using the dart.
€15k will probably cost me an additional €70 per month on my mortgage.
What I propose to do is as follows:
1. Ask how many spaces there are in total.
2. Ask how many are allocated to visitors.
3. Figure out how many rooms are in the development (No of apts * 2 bed average). I reckon it's reasonable to assume that there'll be demand for one car per room. Do you think this is reasonably accurate?
4. Figure out how much excess demand there'll be based on this.
5. Take a drive around the immediate area at 9 o'clock at night to see if there's ample street parking for the excess demand.
I'm not sure if a tenant would be willing to pay an extra €70 or €80 a month just to have parking under the building when he / she could chance their arm on a visitor space or park within a couple of minutes walk of the development.
Spoke to a shrewd investor who suggested that I might be better to leave a tenant to worry about parking themselves and use the €15k to invest in another property or in shares.
redo said:The WILL be demand for parking at some time and they are ZERO maintanance.
Yes, you're right. I cannot foresee the future. I suppose I'm a bit biased in my view. My girlfriend (wife now) bought a apt in windmill lane a decided against buying a car parking space as see couldn't (fore)see the need for one as she was in town. At the time she said "I couldn't justify spending 2 grand (i think) on a car parking space that I don't need".CCOVICH said:future demand doesn't mean it will materialise.
redo said:Yes, you're right. I cannot foresee the future. I suppose I'm a bit biased in my view. My girlfriend (wife now) bought a apt in windmill lane a decided against buying a car parking space as see couldn't (fore)see the need for one as she was in town. At the time she said "I couldn't justify spending 2 grand (i think) on a car parking space that I don't need".
I know Trents' situation is different in that the apt is not located in town and that he has already secured a car parking space. Again, if it was me, and I could get the extra 15 grand, I would buy it. Down the line if Trent ever comes to selling it, it may just sell ahead of the other apt with only 1 car parking space.
PS:sorry for shouting
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