Buying a flat with difficult parking

r4and0mno5

k3lvc said:

Out of interest is it a newish block that was built on the basis of no parking facilities ? Worth looking at the planning permission and see what the conditions were

If so then no-one, least of all the Council, are going to be bending over to help

There's plenty in my neck of the woods where people are having to park 20-30mins walk away (or privately rent locals driveways) - all well and good if you build into your exercise regime/timings on a daily basis but crap when it's raining or you're in a rush/unexpected journey etc

As others have said I'd walk away - even if you cope with it any potential future buyer will have the same (or worse) issues

An old building but classed as a new build. No space for parking facilities. There are plenty of paid car parks around, and there's one nearer than the aforementioned one, but a season pass is only for evenings and weekends so that's useless to me.

I don't mind the exercise but am often in a rush or returning home late at night.

silvercar

DS has just bought a flat in a development of 300 flats. There are 60 parking spaces that were sold off either when the original flats were sold or at a later date. The original owner of the flat didn't buy a parking space initially and then realised it would be an asset, so later bought. DS doesn't have a car and offered his space up for rental to other owners. Based on what the original owner paid for the parking space, he is getting over 13% yield on it!

r4and0mno5

silvercar said:

DS has just bought a flat in a development of 300 flats. There are 60 parking spaces that were sold off either when the original flats were sold or at a later date. The original owner of the flat didn't buy a parking space initially and then realised it would be an asset, so later bought. DS doesn't have a car and offered his space up for rental to other owners. Based on what the original owner paid for the parking space, he is getting over 13% yield on it!

Did have a brief look for people renting out their spaces but couldn't beat the car park in price. Maybe more secure though. It sounds like a real earner if you have one you don't use.

RM_2013

Depends if it’s a deal breaker for you.  There’s always a compromise with a limited budget but for me no parking would be a deal breaker and we’ve passed up on properties for similar reasons.  Good luck with everything 

r4and0mno5

Thank you all for your responses.

It was a difficult decision to make, far harder than it should've been. I had to tell the agent that I couldn't continue with the purchase unless I could be satisfied with the parking situation, which currently I'm not. Perhaps that might have been different if I talked to the neighbours to see how they coped, but I doubt it.

I told the agent that if they're going to relist it then they need to be more upfront about the parking. I feel a bit annoyed at the time, money and effort of jumping through hoops to get to get to this point only to have it not work out. Hopefully I can find a place that I like just as much, without the resentment of dealing with a fair walk to an expensive parking spot, even if it means paying a little more for it.

theoretica

Does the area have car club cars around?  It might not work for the amount you need to drive, but could be worth running the calculations on cost and availability.

r4and0mno5

theoretica said:

Does the area have car club cars around?  It might not work for the amount you need to drive, but could be worth running the calculations on cost and availability.

I have no idea but I couldn't see that working for me. My work is too erratic, odd hours, long hours, different destinations.

hazyjo

100% think you've made the right decision. It's the sort of thing you think ah it'll be okay, until you have shopping to carry, or something you've bought/need to carry to/ from your car, or it's raining and freezing... trust me, it's the biggest pain in the backside! The worst bit is driving round and round trying to find a space, and hoping nobody nabs it before you! It's like trying to park at a shopping centre at Christmas lol.

Never again...

r4and0mno5

hazyjo said:

100% think you've made the right decision.

Thanks, I hope so!

[Deleted User]

I've just read through the thread and think you've absolutely made the right decision. It might not seem like it at the moment, but in the long term, I think you'll be relieved you came to this conclusion. There are compromises to make on every property, but this seems too big a compromise, especially given you were clearly misled and believed the parking situation to be far simpler than it turned out to be.

I sympathise regarding the mortgage interest rate you were offered. I had an offer accepted on a property back in March when interest rates were incredibly low. I was subsequently gazumped, and it kind of sucks having to now apply for mortgages with higher rates. However, the situation has evolved in other ways (less competition, slowly reducing house prices) so hopefully, when you finally buy a flat, the difference in interest rates will be overridden by more positive factors, such as cheaper/ more accessible parking. Wishing you the best.