How much is reasonable to buy a car parking space in addition to a house?

Section62

eddddy said:

NibblyPig said:

This property won't be my main address, I intend to use it a lot because I am buying it so I could spend time closer to family, but I will also short term let it while I am not living there to help pay for it. So a parking space is likely essential for that if it's airbnb as people will need a place to park when they come to visit.

Just re-reading...

Have you checked that you'll be allowed to do short term lets / airbnb?  For example, if it's leasehold, most leases don't allow that.

 

And in some areas planning conditions are being used to prevent new homes being used as hotels.

GDB2222

eddddy said:

NibblyPig said:

This property won't be my main address, I intend to use it a lot because I am buying it so I could spend time closer to family, but I will also short term let it while I am not living there to help pay for it. So a parking space is likely essential for that if it's airbnb as people will need a place to park when they come to visit.

Just re-reading...

Have you checked that you'll be allowed to do short term lets / airbnb?  For example, if it's leasehold, most leases don't allow that.

 

If it’s a house, don’t you have the right to buy the freehold? 

user1977

GDB2222 said:

eddddy said:

NibblyPig said:

This property won't be my main address, I intend to use it a lot because I am buying it so I could spend time closer to family, but I will also short term let it while I am not living there to help pay for it. So a parking space is likely essential for that if it's airbnb as people will need a place to park when they come to visit.

Just re-reading...

Have you checked that you'll be allowed to do short term lets / airbnb?  For example, if it's leasehold, most leases don't allow that.

If it’s a house, don’t you have the right to buy the freehold? 

The freehold may have identical covenants applied to it.

peterhjohnson

If the house had been offered at £220 with the parking space mentioned in the particulars (as many house listings will)  would you be buying it?

NibblyPig

Thanks for all your answers.

The property is freehold. Imagine a a courtyard, basically, a gravel carpark, and the buildings are around the edge of it. The front door of the property basically opens onto this courtyard, with about 2 metres of paving slabs separating it (this 2 metres of slabs forms part of the property, there are no other gardens). You could put a table and chairs and sit in front of the property, and you'd be right at the edge of the courtyard area.

The whole courtyard is being divided into spaces, so there is the option to purchase 1 or more. I would be able to get one (or more) immediately outside the property, although I don't really have the budget for more than one and I'm stretched so thinly already on the prospect of buying the first.

But your replies seem to have made it clear to me that it would be a good investment to buy one, just to make the property more attractive in the future.

If these spaces hit the open market I don't know if they'd sell like hot cakes or not. But probably better not to wait and find out.

Grumpy_chap

It is a lot as a percentage of the value of the property, but the rates you quote for car park permits mean it makes sense.  You are also gaining the "marriage value" of this spot immediately in front of the house.  What is the cost of another, similar house in the area with parking compared to the one you are buying?

Consider the future desire for EV charging.

Consider the possibility that a future owner of the parking space parks a rusty old box van and only moves it a handful of times per year.  That probably makes it more worth buying than any other reason.

FWIW, I think £20k for a parking space is a steal, but I think I am in a different part of the country to you.

prowla

NibblyPig said:

Thanks for all your answers.

The property is freehold. Imagine a a courtyard, basically, a gravel carpark, and the buildings are around the edge of it. The front door of the property basically opens onto this courtyard, with about 2 metres of paving slabs separating it (this 2 metres of slabs forms part of the property, there are no other gardens). You could put a table and chairs and sit in front of the property, and you'd be right at the edge of the courtyard area.

The whole courtyard is being divided into spaces, so there is the option to purchase 1 or more. I would be able to get one (or more) immediately outside the property, although I don't really have the budget for more than one and I'm stretched so thinly already on the prospect of buying the first.

But your replies seem to have made it clear to me that it would be a good investment to buy one, just to make the property more attractive in the future.

If these spaces hit the open market I don't know if they'd sell like hot cakes or not. But probably better not to wait and find out.

So someone else could buy the portion of road in front of your house?

sheramber

prowla said:

NibblyPig said:

Thanks for all your answers.

The property is freehold. Imagine a a courtyard, basically, a gravel carpark, and the buildings are around the edge of it. The front door of the property basically opens onto this courtyard, with about 2 metres of paving slabs separating it (this 2 metres of slabs forms part of the property, there are no other gardens). You could put a table and chairs and sit in front of the property, and you'd be right at the edge of the courtyard area.

The whole courtyard is being divided into spaces, so there is the option to purchase 1 or more. I would be able to get one (or more) immediately outside the property, although I don't really have the budget for more than one and I'm stretched so thinly already on the prospect of buying the first.

But your replies seem to have made it clear to me that it would be a good investment to buy one, just to make the property more attractive in the future.

If these spaces hit the open market I don't know if they'd sell like hot cakes or not. But probably better not to wait and find out.

So someone else could buy the portion of road in front of your house?

And is likely to if the OP doesn't buy it.

Flugelhorn

sheramber said:

prowla said:

NibblyPig said:

Thanks for all your answers.

The property is freehold. Imagine a a courtyard, basically, a gravel carpark, and the buildings are around the edge of it. The front door of the property basically opens onto this courtyard, with about 2 metres of paving slabs separating it (this 2 metres of slabs forms part of the property, there are no other gardens). You could put a table and chairs and sit in front of the property, and you'd be right at the edge of the courtyard area.

The whole courtyard is being divided into spaces, so there is the option to purchase 1 or more. I would be able to get one (or more) immediately outside the property, although I don't really have the budget for more than one and I'm stretched so thinly already on the prospect of buying the first.

But your replies seem to have made it clear to me that it would be a good investment to buy one, just to make the property more attractive in the future.

If these spaces hit the open market I don't know if they'd sell like hot cakes or not. But probably better not to wait and find out.

So someone else could buy the portion of road in front of your house?

And is likely to if the OP doesn't buy it.

spot outside your house is definitely worth a lot - you don't want someone else parking there. Buy it, will make the house so much more sellable 

Grumpy_chap

prowla said:

So someone else could buy the portion of road in front of your house?

Indeed, and I would pay £20k for a parking space if it is even just "near" to where I live.  Would be great if we ever got a camper van or similar.
There is a garage for sale in my road at £165k at present.  It last sold at the end of 2019 at £113.5k - I know because I was interested but the price went beyond my limit.  Interestingly, this has not sold so swiftly this time, it was up at £175k and has been reduced to the £165k.