Car parking space value as part of let ?

mikeyw

I've recently won at auction a duplex apartment that will be changed into 2 flats to rent out.

The property is in central Harrogate and has two parking spaces to the back, these are very rare for a flat so a real bonus for me.

Thinking ahead I was wondering what value the parking spaces would add to the lettable price ?

I was thinking of advertising it as flat to let at say £595 pcm but increasing the price if they wish to use the parking or would you charge for the parking regardless is the tenant had a car ? ie £650 including parking ?

Is £50 too much of a premium ?

Also the access to the parking spaces has a telegraph pole that's partially in the way.....how much would it cost to get this moved a few feet by BT ?

tia,
Mike.

ShALLaX

How would you control whether the tenant uses the parking or not? Even if they don't have a car, they could let friends use it.

Better to just price fairly and include it in the deal. You'll eventually get a tenant provided the price is fair and the parking is worth it to the potential tenant.

mikeyw

So if you had two identical flats but one had prking the other not, what premium would give the one with parking - 10% ?

HaleyP

I live in a flat in the centre of Sheffield and my car parking space is £85 p/m if I was to buy separately (luckily it's included in the rent!) But it is a secure car park with access via key fobbed gates.

mark?_3

£50 was about standard when I was looking in Leicester a few years ago. Clearly it'll vary depending upon demand and availability in the local area - if there's ample on-street parking you'd struggle.

As for moving the telegraph pole, visit the BT Openreach website openreach .co.uk/orpg/home/network/alteringournetwork/mofpublic/homeandwork.do

martindow

mikeyw wrote: »

I've recently won at auction a duplex apartment that will be changed into 2 flats to rent out.

Do you need to get planning consent to do this?

highguyuk

Re: BT.

Short answer, a lot of money and a long, long time. Moving any utility always is, whether that be an underground manhole, telegraph pole or cabling/piping etc.

olly300

mikeyw wrote: »

So if you had two identical flats but one had prking the other not, what premium would give the one with parking - 10% ?

None in my area.

There is ample permit and non-permit parking depending on the exact street. If you charged me £50 a month for the parking space as a permit is £70 a year I would be p*ssed off.

Also there is no insurance difference between an insecure parking space and parking on the street. On my road lots of the properties have to park on the raised pavement so they won't be hit by anything anyway unless it came from the sky.

There is however a rental premium for a garage as lots of people have a bike of some sort, and a rental premium for a garden/balcony as some of the flats don't have them.

englishrose19

We rent and rent our parking space out.