Flat without parking...!

blue2181

Hi Guys,

Hoping for some opinions/advise....I am looking to buy this flat in a block, but it comes with no car parking or possibility to get a permit, i can live without it but worried when come selling how big an issue this will be....!

only plus side is flat is about 10% (abt 12K) cheaper then another flats in same building with a car parking...!

Thanks.

G_M

Well there's your answer. The parking is worth 10%

When you sell you'll get 10% less than your neighbour who has parking.

00ec25

is there on street parking nearby or do you mean that when you sell this flat it can only be bought by someone who will never (yuk!) have a car

not knowing the location of the flat then £12k for a parking space is a cost worth paying if there is nowhere else to park. I assume we are not talking London prices here :rotfl:

blue2181

hi,

thanks, flat is in Harrow, there is on street parking near by at the moment but that can get converted to residents parking only in future and in that case flat owner can't apply for a permit (council rules) on the bright side flat is on a high street, 2 min walk away from underground, and there are some garages about which you can rent if any available but nothing is guranteed.

hope that makes sense.

blue2181

also, my main concern is even with 10% less price would i be able to sell it in future, given scenario in my last post or would it be nearly impossible...!

I am paying less so won't really mind selling for less...as long as it sells...

00ec25

its all speculation!
110 -120K for a flat in Harrow gets you a few studio or 1 bed, but there is only one (non retirement home) on RTM at the moment and that has parking @120K!
So starter home territory appealing to FTB who are still reliant on public transport only to get around town and live a London centric existence - there is certainly a market for that sort of person in London. Harrow is a bit far out so your access to the tube is the real selling point and is often a real factor cited by people wanting to move to the smoke - albeit they are probably single renters rather than buyers.

blue2181

flat is priced around 160k actually...so i guess...come selling time...(5 yrs down the line probably, when i can afford something bigger and better...) some buy to let buyer may buy it or it will be near impossible to sell...!

bristol_pilot

Despite proximity to tube, a flat with no parking and no on-street parking nearby is a no-buy IMO.

<sebb>

Flats without parking in Harrow is very common. They've had a very restrictive policy in place for the last 5 years. I know this because I live in Harrow and I'm trying to buy in Harrow. The flat I had an offer in for did not have parking either. I pulled out for other reasons, the parking wasnt an issue. You will be restricting your potential buyers in future which may delay a future sale, but it's not uncommon at all. Just make sure you factor it into the price you pay.

BexInLondon

Loads of London boroughs (OK, just Harrow and Tower Hamlets that I know of but I assume it's a trend!) are doing this on new builds now, so I imagine that a few years hence it'll seem more usual for some flats not to have parking. There is always private parking available in any area, at a price. Things like streetcar and the tube network make car ownership less of a requirement in London, at least for the sorts of people who'd live in a starter home. So I imagine it will impact on re-sale but won't make it impossible. The market will simply put a price on parking, as it were! When you came to sell you could be armed with quotes for local parking options, as well as the brochure for streetcar!

Running_Horse

blue2181 wrote: »

also, my main concern is even with 10% less price would i be able to sell it in future, given scenario in my last post or would it be nearly impossible...!

I am paying less so won't really mind selling for less...as long as it sells...

Probably depends on the market. In a boom you can sell just about anything. The fact you are uhmming and ahhhing suggests others may feel the same as you. A certain percentage will always be put off.