How much is a car parking space worth?

united4ever

On wednesday I plan to buy a 50% share in a 2 bed, new build flat. A housing association will buy the other 50%.

The full value of the flat is £175 000. There is a flat directly above (exactly the same layout) which has been sold for £209 000. I asked the Housing agency what the difference is.

The answer I got was that the flats on the open market come with allocated parking. Also there is no flooring (carpets etc) in most rooms in the shared ownership flats aswell as fridge freezer and washing machine. The lower price is to reflect this.

Do you think this is a good deal? Do you think I'd have trouble selling/renting the flat in the future due to lack of parking? The flat is in the centre of a medium sized town (Altrincham) with great public transport links to Manchester (25 minutes by tram). It's a massive decision for me so any thoughts/advice welcome.

united4ever

Apparently it's pretty hard to get parking around there, there are always traffic wardens too. I don't have a car so it's no problem for me, but reselling in the future or letting it might be an issue.

Dasnookster

I'm not sure its worth 34k more, but I think re-sale would be a problem. I would only look at a property that had its own parking - particularly if parking is difficult.

Gorgeous_George

If public transport is good, I wouldn't worry.

I'd be more concrned about spending that much money on a 2-bedroom flat.



GG

BargainJunky

My mum used to have a flat with one parking space per flat which was not enough as most people had two cars. The flats were behind electric gates and lots of occupiers used to double park which used to cause a little bit of trouble getting in and out. If I were buying a flat I would want at least two spaces per flat just to be on the safe side. No space may put people off but if public transport is good perhaps when you go to sell someone may not want a parking space.

Good luck.

torialou

Hi,
My boyfriend and I bought a city centre flat in Manchester in July. We didn't buy a parking space because we couldn't afford it (20K - we would've bought a bigger flat if we had another 20K!) and because we don't have a car. I think there are lots of people in city/town centres that have good transport links that don't own cars - they're expensive and you have most things on your doorstep - we walk to work or get the bus and if we ever need a car we hire one. The 2 bed new build flats in the development we are in go up in price by 15K per floor. So I think that the price sounds about right. Also sounds an alright price for a 2 bed 2 bath flat IMO.

icklejulez

We looked at some 2 bed shared ownership in Stockport briefly that are 62,500 for 50%, maybe you could buy 75% and own a larger percentage of a property. This is 5mins walk from train station and city centre and 10mins on train to Manchester if your not restricted to Altrincham???

Doozergirl

I think the whole point of Shared Ownership is that people can't afford to pay for extras. Shared ownership is incredibly popular for the reason that it is cheaper than everything else and a parking space will not make as much difference to SO than a full price property. I think people are just happy to get on the ladder and will sacrifice a parking space.

My point? You probably won't have as much of an issue selling as some may think, especially with good transport links

united4ever

Thanks, I know 175 000 is a lot for a 2 bed flat. The rent on the other 50% is £165 a month. It's a first floor flat 700 sq feet or 65 square metres with 2 bathrooms. It's in a nice conservation area but just 2 minutes from the main shopping street with M&S or Tesco Extra, tram/bus stop within 5 minutes walk so very handy. The only downpoint is the parking but for the first few years that I intend to live there I can live without a car, but maybe I can buy a space in the future if I decide to let or sell the flat.

olly300

If you can't get a resident's parking permit to park on a street in any shape or form, or rent/purchase a parking space I wouldn't buy it. Even though most people who live in a city or large town will use public transport to get to work some people would still like the option of having a car even if it's parked 5 streets away.

People buy properties then their circumstances change. For example most people I know don't have baths and use showers, however if you buy a place with just a shower and then have a child you life is made slightly more difficult. This has actually happened to a family member of mine.

lynzpower

I expect youve been misled.

If you are buying a shared ownership property, by rights its likely to be below market value.

I know altrincham well ( lovely part of the world ) and as greater manchester goes theres no question that its a sweet location.

NO a parking space probably isnt worth 30odd k there, BUT you hve got your flat BMV as you are a keyworker? low income? SO buyer?

you may have a problem selling on without a car parking space- we had a few viewers grumble & we are in london! but we stil sold easily so I woudnt worry overly.

Good luck & happy shared ownership buying- it can certainly take a while