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Should I buy parking with a condo, if I plan to rent it out?
I'm looking to buy a condo in downtown Montreal, and I'm not sure about buying a parking spot. I'm planning to use a "car share program", since I don't a car very often. However, I understand that I have a better chance of reselling my condo later if I have a parking spot. So, is buying a parking spot to rent it out a good idea? The problem is because of interest, I won't be able to make as much as pay for. That's not exactly true because I'll the amount back when I sell the condo.
What do you think?
Thanks.
3 Answers
- Anonymous1 decade agoFavorite Answer
Ask a local real estate agent what a parking space would ad to the value of the condo. It may add more than the cost. I'm surprised that local building codes would allow a dwelling unit to be offered without parking space of some kind.
- Fire's ShaddowLv 51 decade ago
I would buy the spot as it will have an increase in value when you go to sell your condo. Also since you can rent out the spot that will off set a bit of the cost. Think toward the future.
- SockoLv 51 decade ago
I also live in a condominium in NYC and rent a parking spot. It's not too expensive and a real asset to have-especially when it is snowing out! If you can park on the street, that's up to you, but as for me, renting the parking space was a GREAT idea.
Source(s): Myself!
