Is the amount of visitor parking spaces in a new condominium buildings becoming an important criteria for a buyer? Not all buildings in the downtown core have fifty or sixty empty visitor parking spaces! With the strong demand for land, every Some building where there are fifty visitor parking spaces, most of which would be empty. but in other buildings where there are only few parking space most of which would be taken, so what is the right ratio of units to avaialble parking space, or dose it realy matter to you if there are any visitor parking space at the new condominium building you are interested to buy in?
When it comes to downtown Toronto condominiums, some prospective buyers ask about the availability of visitor parking spaces in the building, but few take it serious and beyond the preliminary steps. Visitor parking isn’t something that you are going to use, but rather something your friends and family will. But may benefit you when you try to resale your unit.
So If there are 300 units in a 30-storey building, and 50 visitor parking spaces for the 300 units, that represents almost one parking space for every six condominium units!
that is A 6-to-1 ratio. Is that unheard of, or is that the norm? in other buildings, for example if there are 600 units to 50 visitor parking that is one parking space to every tweelve condominium units, that is A 12-to-1 ratio
Not all buildings in the downtown core have fifty empty visitor parking spaces, those spaces are pretty coveted on a Friday or Saturday night when you don’t want your out-of-area friends to have to run down and feed the parking meter, or drive around aimlessly looking for a spot on the street!
So how important is a decent amount of visitor parking when you’re a buyer looking at various condos?
Some people won’t care, in the slightest. But others will take this into account, and might pass on a building if visitor parking isn’t ample.
if you are downsizing from a house with a private driveway and 3-car parking. looking for a condominium with three owned parking space and visitor parking for you family and friends may not be possible. and if your grown accustomed to using your long driveway for your car and 1-2 of your visitors, imagine your disappointment when you go and look at a condominium with one owned underground parking space, and only a dozen spaces for visitors?
Every buyer is different, and every buyer uses a different set of evaluation criteria when looking at a condominium, visitor parking does not even make the top-10 list for most buyers. But when it is important, it’s one of the top-5.
For some prospective buyers, they will eliminat building just because of the visitor parking situation. It doesn’t matter that the unit itself was everything they could ever hope for and more. What good is the unit itself? if your friends and family, whom you’re accustomed to seeing 3-4 nights per week, can’t readily find parking and thus won’t come and visit you when you make the move?
Then there is something different altogether, where some building which has no visitor parking, but does have an on-site (underground) pay parking facility that, in theory, will never run out of parking spaces. Some prospective buyers see the downside to this: there is no visitor parking for the building, and visitors have to pay to visit!
Others see the upside: there will always be a spot available, and you have room for one, two, or ten of your friends.
or you may consider those buildings with no concierge where the visitor parking is on the “honor system,” and residents are left to their own accord to fill out passes and request their guests to display them on their windshield.
Every prospective buyer is different, and not every buyer see this situation the same.
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E-mail us at samir@realestatesnatch.com
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