Your pride and joy sits alone, cold and exposed to the elements ever since you drove it home. It just doesn’t make sense that what you have worked so long and hard for doesn’t have a warm, safe place to roll into at the end of the day.
Isn’t it time you made the decision that no mater what, you will find a safe and protected home for….your coveted car! For many of us our cars define and represent to others who we are. This defining statement says in some cases more about us than the clothes we buy the jobs we have and the places we live. So how does our obsession with cars fit into the world of condominiums you ask?
Parking, especially downtown, has become a luxury item and has become a major amenity when purchasing a condo. The question to ask is does a parking stall come with the proposed purchase of a condo? If so, is the stall exposed to the changing and unpredictable elements or is it in a secured underground parkade? This distinction can make a huge difference in the price of the condominium unit and its desirability. As the price of new cars and insurance escalates common sense dictates that this prize possession must have secured parking.
In today’s untraditional real estate market purchasing a new, to be constructed condo, the price of an underground parking stall can affect the total purchase price by up to $27,000! When purchasing a second stall you can expect to double the cost. In this day and age the need for a second stall is a necessity, to accommodate a significant other or guests that may come to visit as visitor parking downtown is at a premium Sales have been lost due to buyers not having access to additional secured parking.
The number of available stalls and their locations are not the only considerations when looking at the parking issue. Parking stalls can be individually titled, just like the residential unit you live in. Or they can be assigned or leased to owners at the discretion of the condominium corporation. Which scenario you have in a building can affect the value of that stall. Individually titled stalls carry with them more perceived value as they can potentially be sold to another person separately from the residential unit. In addition to their additional value they also carry with them added expense. What most people don’t realize is that the City of Calgary affixes a property value to these titled stalls and then proceeds to tax them in addition to the condominium unit. This is not the case when parking stalls are classified as common property under the condominium corporation. It is important to pay attention to which form of ownership your buildings parking stalls falls under.
Building security is also a major consideration when purchasing a condo. In some cases, the easiest way for a non-owner to gain access to a building is through underground parkades. Calgary Police Officers regularly schedule meetings with building owners to assess security issues and solutions. Being a pro-active condo buyer will help protect your car day and night!