Buying a Car Parking Space - Manchester

Quidco-ette

Hi there, me and my boyfriend have just bought a 2 bed, new build apartment (due to be completed May 2009) in Manchester's Castlefield. When we originally purchased we decided against buying a car park space as they seemed v expensive - 20k for a surface space and 25k for an underground one. Anyway the more we think about it the more we think that it is something we should buy. the main reasons are because we would have to pay for parking in Manchester anyway which would be about £100pm, and also we assume the amount we pay would add to the value of the apartment anyway.
What's everyones advice on this please? Do you think the cost of the space would be negotiable? Would it add to the value of the property by atleast the amount we pay? Any advice is appreciated - thanks!

VfM4meplse

I know this will be difficult if you are used to driving but have you thought of ditching the car? The reason I ask this is because of the new congestion zone charges.

For the brief period I lived in Manchester I purposely chose to live in the Cheshire suburbs but v.close to a metro line because parking is so expensive in town. Whilst I was there I met a middle-aged couple who had recently moved into the Beetham Tower (Deansgate) and they did not have a car because it was actually cheaper to take cabs if necessary / hire a car for short stints if required vs costs of MOT, road tax, insurance, petrol etc. I have friends that live in the city of London and they don't have a car for the same reason.

Of course I live happily in greater London and love having the care available whenever but to be honest I only ever use it on Sundays now!

Quidco-ette

Getting rid of the car is not really an option, we will already be going from 2 cars to just the one and my O/H travels a lot with his work, and of course I will need it to visit the family and friends i will be leaving behind when I move to the city.

wymondham

20K is a lot for convienience...

GDB2222

Depending on where it is, the flat's resale value may be greatly reduced without a car parking space. I would be very worried about it, myself.

Murtle

The 25k one work

100pm * by 12months * by 20years = the value of the 25k parking space.

So if you were planning on staying there for the full length of the mortgage and always want a car then yes it would pay for itself.

The value of the property when selling it should reflect the addition of the parking space.

poppysarah

I'd have thought given the sheer number of empty flats in Manchester the negotiation should be on the flat rather than the parking space.
Get them to throw in the space for free.

There are seriously gazillions of emty flats.

Quidco-ette

We negotiated 38k off the price of the property so i don't think that asking for another 25k for the parking space would've been accepted. My question would be do you think it would be worth adding an extra 18k (if the offer we wanted to make was accepted) onto the mortgage and would it make the value of the property more? Do mortgage companies take this into account when valuing the property for the mortgage?

GDB2222

Quite often, there are not enough car parking spaces to go round. If you have already exchanged contracts for the flat, you might find the sellers won't be interested in selling you a car space

GDB2222

By the way, have you signed one of those contracts that allows the builder to finish the building when they choose, then give you 2 weeks notice to complete? Did you receive independent advice on this from your solicitor?

Quidco-ette

Yeah we are aware that they are only offering car park spaces for the 2 beds - we didn't really think about negotiating this when we purchased, could kick myself now though :-(

We have exchanged and they will give us 10 days notice to complete - why do you ask this? is this a problem?