So you want to purchase a downtown home or condo but it doesn’t have parking. Should that be a deal breaker? It’s important to weigh the options you have – especially if that house or condo is the home of your dreams – before making a decision either way. There are a lot of disadvantages of buying a home or condo that doesn’t have parking, but there are also a lot of alternatives that don’t have to be a hassle, as well.
Advantages of Having Parking with the Home or Condo
One of the major advantages of having parking that comes with the house or condo you’re considering is the resell value. Obviously, it will broaden your market of potential buyers if parking comes with the home or condo. It’s important to think about whether the home or condo you want to buy is something you’re going to resell or something you plan on living in for the long-term. This will affect your decision of whether to buy or not.
Individuals who don’t own cars can still benefit from the parking spot, (or you if you plan on living there long-term) because you can rent it out to other individuals who could use the space. Because the city of Toronto is not creating more parking spaces, and in fact, there seems to be less, it stands to reason that a condo or downtown home with a parking space may increase in value over time.
According to TD Bank Financial poll done last year, 71% of people rejected a condo because of the lack of a parking space. However, individuals looking in downtown Toronto may not care as much. “Parking is less of an issue downtown, where many buyers have access to the subway,” says Jamie Johnston, a condominium specialist with ReMax.
Why It Shouldn’t Be a Deal Breaker
While it would in fact increase your market to have parking with the condo or house, one thing you should consider is that not all buyers will own a vehicle. Many individuals use services like ZipCar or AutoShare so that they can rent a car to run errants and use public transportation or other methods of transportation the rest of the time. This is a decision many eco-minded individuals make. If you personally own a car and aren’t comfortable with street permits, you may want to think twice about the purchase but other than that, you’re probably good to go.
With the ‘green’ movement blowing up this year, more people are becoming eco-minded, and don’t mind utilizing alternative methods of transportation. Therefore, a condo or home without a parking spot may have less impact on buyers in the future – as individuals become more concerned with CO2 emissions and greenhouse gases. All in all, it shouldn’t be a deal breaker and buyers are advised to spend more time considering other aspects of the condo or house and their disadvantages or benefits.
About the Author:
I was born and raised in Central Toronto, spending my whole life in the neighborhoods that I now work, and in the Toronto Real Estate industry. I understand all the nuances of Toronto’s various communities & what Toronto real estate agents have to deal with.
I have dedicated my education to negotiating, marketing, business development and staying ahead of the curve with technology. I have attended international conferences, understand major agencies like Johnston and Daniel, all of which has helped me learn how I can provide more efficient, effective and thorough service.
