Parking rental

Almost all condominiums have a separate cost for parking slots. My nephew has a condo unit and he bought a parking slot. Now, this question. In renting out the condo unit, is it practical to include the cost of the parking slot so the tenant will have a parking area? Or is it better to leave the parking problem to the tenant? My nephew plans to rent out the parking slot to another tenant who has 2 cars.

 

It would be better to talk to the prospective tenant and find out if he's willing to pay for the lot. If he isn't willing to pay then the parking lot could be rented out to the other tenant. He doesn't want neighbors hating each other, does he?

 

Condo units have their own parking slot but those who did not buy has none. And neighbors cannot use any parking slot because the guards in the car park wouldn't let them. Parking slot owners are issued a square plastic that can be displayed in the car so the parking guard can easily identify if your car is allowed to park otherwise you will be directed to the common parking lot which is always full. From my computation, the value of the parking slot is equivalent to 20% of the cost of the condo unit. Gee, so expensive.

 

How it works here is pretty similar. Houses have a certain amount of parking spaces, some of them are free to use and some are reserved. Of course if you want to have a reserved one then you need to pay a little (it's really not much) for it every month. Now if the apartment is rented out then of course this parking lot should be a part of the deal, and the price of the parking lot should be already in the rent. If the tenant doesn't need it then I can understand renting it out to someone else.

 

Some people have free parking as in apartment, condo or townhouse complexes, but a landlord or rental housing conglomerate will charge money for covered or garage parking. I assume if you wanted extra parking you would have to pay for it as well. Also some areas have reserved spaces that come with your unit, and there are unmarked spaces for visitors. However, most of this parking is free.

 

If the tenant for the condo unit has a car and would like to avail of a parking slot of his own, then I guess your nephew should offer it to him/her first. Now if the tenant says that he/she doesn't need the parking slot then that's the time your nephew could offer it to his other neighbors who are interested in renting the slot. I guess this is one of the things why I have never been fond of condo living. I understand though why some would still prefer to live in condos because of accessibility and other stuff.

 

I just learned recently that car park slots in condominiums are as high as almost 30% of the value of the condo unit. It's unbelievable that car parking is that expensive. My nephew said that if you have lots of money then buy 1 unit of the condo and 5 units of car parking slots. Then sell the parking slots for a premium after a year or 2. Not a bad idea. However, I don't have that much money. In fact, I can't even buy a unit of condo.

 

Good idea. I think it will be better if he rents out the parking area to another tenant if there have no problem.