How much value can off-street parking add to your property?
Tue November 29, 2016
When looking to buy property, there are a few key features that almost everybody takes note of. From the right location through to curb appeal, these are the buzzwords that we associate with truly great slices of real estate, and one of the most important is off-street parking. This is especially true in a city like Sydney, where space is at a premium and an estimated 44 per cent of households own two or more cars, according to data from .idcommunity.
So, how much value does off-street parking really add to a property? Let's take a look.
A garage or carport is a huge plus, with spots on the road not always secure, if they're available at all!
The impact of off-street parking
With a lack of space, especially in the inner-city suburbs, parking in Sydney is incredibly valuable. For this reason, apartments in particular can benefit hugely from having off-street parking options. Even in more suburban areas, a garage or carport is a huge plus, with spots on the road not always secure, if they're available at all!
In terms of the amount of added value that parking can bring, Aussie Mortgage Brokers ballparks a rough figure of $100,000. This might seem like quite a lot, but in more desirable areas the figure can be even higher. This added amount may make the price of certain properties more expensive, but the benefits over time and when it comes time to sell are well worth it. Similarly, for property investors, there's a potential to receive higher weekly rents and entice more potential tenants.
How to secure off-street parking
We know that parking is a valuable commodity, and the best way to capitalise on this is to be aware of it when buying. By looking closely at how many off-street spaces are available (or what the potential might be to add more), it's possible to find pieces of real estate that can stand out from the rest.
If you find yourself with a property that doesn't have any parking, it may be worth considering renovations. A garage is obviously ideal, providing the best security and protection from the elements, but if you're looking for a more affordable option, carports provide similar benefits and can be constructed for less. Even a parking bay that is off the driveway can add value, as it all comes down to providing a convenient and safe place to leave a vehicle.
To find out more about what you should be looking for in a property purchase, get in touch with Laing+Simmons today.