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Parking spot with that condo?

Monday may I buy a parking spot with my pre construction condo purchase?  It might not be a necessity for some, but there is good value to be had when buying a parking spot in the early stages of development.  In some cases you can buy for half the price or a highly discounted rate, and then sell it or rent it out at a later date.  There is no lack of demand for parking, especially in the downtown core.  Some examples of the need for additional parking;

 

Families who need more than one space and would rather rent one instead of purchasing two.

Single guy gets a girlfriend who moves in and has a car, he will now have to look into getting her a spot.

Sales executive has a really good year and is rewarded with a new sports car!  He/she has decided to hold onto older car for winter driving.  He/she will need another space.

 

Those are just a few of the you never know examples we have come up with..

The best reason to purchase that parking spot if one has the money is that it makes for a good investment, and it usually fits the "Will is go up in value/Can it easily be sold or rented" criteria.

 

Be sure to consult your real estate advisor when contemplating these decisions.



 

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Toronto Real Estate Board - IDX Last Updated: 12/17/2017 12:27:42 PM