Reasons Why You Need a Parking Space in a Condo

Reasons to Own a Parking Space in a Condo

Buying a condominium in the Philippines is an essential part for a starting family who wishes to stay in the city but when everyone is going in and out of home a car is then seen as essential. But what about having a parking space? 

When you have a growing family and you are staying in a condo property, owning a parking space is something you should be considering too. In this article, you will find out compelling reasons why a condo unit owner should also buy a parking space sooner or later.

Illegal Parking Might get your Car Towed

Most condominium developments in the country are in the busiest cities and urban areas which makes car parking difficult especially in public car park slots that are open to all. With this, a lot of car owners do illegally park their vehicles in some spaces that are prohibited or not allowed for car parking.

Illegal Parking Might get your Car Towed
Illegal Parking Might get your Car Towed | Photo from The Blowup in Unsplash

As a result, some policies in localities include legally towing vehicles in streets that are not allowed to be parked on by vehicles. Documentation will be required and a fine ranging at a minimum of P1000-P5000 will also be placed to get the car back.

Meanwhile, some midrise condo villages have larger open spaces which include the broader driveways. This makes an opportunity for some condo unit owners to park their vehicles along the side of the road.

But eventually, most homeowners’ associations inside these condo developments are practicing prohibition in terms of parking along the driveway inside the community. Hence, a few developments are legalizing towing of cars that are parked along the community driveway.

Car Buyers Might Need Parking Spaces

A house bill in Congress was passed to eliminate and decongest the worsening traffic in Metro Manila and under this bill, every car buyer will need to provide proof of parking space as a prerequisite before purchasing a car.

Proof of Parking Space Act
Proof of Parking Space Act | Photo from Selina in Unsplash

The Proof-of-Parking Space Act deliberately aims to lessen traffic congestion in Metro Manila that is caused by illegal parking along driveways. The bill is currently in the process of evaluation, but we can see that the worsening traffic situation in the metro can demand this bill to be passed sooner. Hence, it will be a requirement for every car owner to secure a private parking space in their residence or to have at least a rented parking space.  

Rental Parking is Expensive in the Long Run

Most condo buyers do not see the need of buying their own parking spaces especially when they do not have their car yet but once they do, they will see the need to purchase one rather than renting out a parking space inside the condo property.

A minimum rate of parking fee in the metro usually runs at P50 – P100 for the first three hours. Meanwhile, a minimum rate of parking fee inside a condo property will be fixed at a minimum of P250 – P400 for a day. Although some property management offices also offer a longer-term of P3,000-P5,000 per month of leasing a car park.

Hence, if you plan to rent for a year inside your condo property you will be wasting P60,000 for a year and P300,000 for five years for a property you cannot even own. If you are weighing your options well probably you might see the need to own parking space inside your condo community.

Street or Open Space Parking is Difficult on Rainy Days

It is fortunate to have basement parking spaces in some condo developments. However, if you do not own private parking space inside the community then you might settle for an open space public car park.

However, this can be difficult especially during rainy days. Getting in your car might cause you to get soaked and wet. Heavy downpours can be the least of your problem when you just purchased a parking area in the basement of your condo building.

Parking Spaces are also Investment

Buying a parking space in the condo property is also an investment. When a condo unit owner purchases a parking space, he/she also gets a separate COO or certificate of ownership for the parking space.

Parking Spaces are Investment
Parking Spaces are Investment | Photo from Anne Nygard in Unsplash

Either way, the parking space can be of use for the unit owner as another form of income potential. For example, a unit owner can lease it out to someone else in the community who will be needing a parking area. On the other hand, a unit owner can also re-sale the parking area once the value of the property appreciates and the supply for parking runs out; eventually, he or she can make the market conditions working to his or her advantage.

You Can Lease Out your Parking Space

Leasing out your parking area can be another source of income especially when you are not using it any longer because all your go-to places are accessible by just walking. A steady income can be acquired when you opt to have your car park leased in longer terms. But if you are someone who will have to use it occasionally then you can accept a parking tenant in a shorter period.

In some scenarios, that you are a condo investor, and you make a profit out of leasing out your unit then having a parking slot can be essential most especially when you own a condo property located in the most visited cities for travel and leisure.

Get yourself and your Car a Safe Space

Aside from your condo unit, your car is surely one of your most precious investments. Having your car as an investment, then you may opt to provide it the safety and security it needs. One way to have your cars safe is to buy and own a private parking where you are assured that you can sleep better rather than having your car parked along the driveway or in public places outside your residence.

A safe Place for your Car
A Safe Place for your Car | Photo from Caleb Rogers in Unsplash

Buying your own parking space is also a way to avoid the anxieties, and giving yourself a good state of mentality, you deserve through securing your hard-earned investments in place.

Secure your Own Parking Spaces Today

As the economy grows, more people are having the capacity to purchase their cars. When the roads are continued to congest with the numbers of illegally parked cars, the government will be imposing stricter measures for decongestion.

Hence, the need to own private parking spaces will become a necessity for all car owners. Owning a parking space today will save you earlier from the stress of the lack of available parking slots for sale to purchase, higher parking rental fees, and even higher purchase prices of parking spaces. Talk to your condo developer today and ask how you can own one. 

Leave a Reply

Your email address will not be published. Required fields are marked *