Buying extra car park spot.

jthepope2

Hi folks,
We own a two bed flat in city centre with one car park space. It suits us fine, but considering possibility of purchasing a second spot.
I’d imagine we’ll have to contact management company etc.
Anyhow, circa Dublin 2 area how much would a space cost and how if anything would it help us if we looked to sell up the property long term?
Curious to get peoples advice if they have done something similar.
Also, tax implications if you chose to rent it out what way is it taxed etc?
(I am presuming they would have spots for sale etc).

witchgirl26

Different area but I looked into buying a second car park space from a management company when living with my sister a couple of years ago. They were looking for c€30k for it (which was ridiculous) so ended up renting one off someone who didn't have a car.

I would go through the management company to find out how much they are and also how close it is to your current space (i.e. is your current underground & the new space would be overground etc). I know from what we were told that there are limited spaces left over to buy.

As far as helping you if you go to sell the property - if it's a 2 bed apartment with 2 car parking spaces than that is quite rare so might add a little to the value of it. Would depend on the market and how easy parking in the area is.

Arbiter of Good Taste

witchgirl26 wrote: »

Different area but I looked into buying a second car park space from a management company when living with my sister a couple of years ago. They were looking for c€30k for it (which was ridiculous) so ended up renting one off someone who didn't have a car.

I would go through the management company to find out how much they are and also how close it is to your current space (i.e. is your current underground & the new space would be overground etc). I know from what we were told that there are limited spaces left over to buy.

As far as helping you if you go to sell the property - if it's a 2 bed apartment with 2 car parking spaces than that is quite rare so might add a little to the value of it. Would depend on the market and how easy parking in the area is.

€30k wow!

When I bought my first place 10 years ago, spaces were on average €15k. I should have bought 20 spaces, rented them out and sold then at 100% profit now.

jthepope2

Cheers for the replies guys, apologies for the delay.
Yeah lots to ponder, I wouldn’t be buying it for urgent need, just long-term perhaps allied to the fact that we hope it might add to the value of the place and we could rent it out in the interim.
I’ll mail the management firm as you suggested but I’d imagine it could be anything from 25k-50k for a spot which is bloody expensive, and then again I’m wondering would your average couple living in city centre pad even need one space, let alone two given the fact that they likely live in the city as they like being close to work etc?
On the other hand, the days of ‘free’ parking anywhere on the street in the D1/D2 area is largely gone.
Any other posters with experiences of selling/buying spots?
Cheers

Fkall

Car parking spaces in D2 can rent f €200 per month.

Depending on the block expect to pay €30k to €50k.