Condo Buying: Extra Parking & Locker?

(February 15, 2012 )

When buying into a new strata development, Buyers are often given the option of purchasing additional parking spaces and storage lockers (if one is not already included).  The question is, are they worth the cost?

If you need the extra parking spot or storage, the answer is obviously yes, you would buy them.  But for those who do not need them today, you might want to consider buying them for the "future". 

Parking - Look into the area you are buying.  Will street parking be hard to find?  Will other strata developments take up street parking?  Will your unit be easier to sell / more attractive to potential Buyers with the additional parking space?  You should consider all these factors in your decision.  And though you may not end up needing the extra parking spot, once the strata is fully occupied, you would probably be able to rent out the spot for some extra monthly income.

Locker - I have seen Buyers pass on purchasing a strata unit, simply because it did not have a storage locker.  This is not always the case, but there is a portion of Buyers out there that want additional storage.  Some enjoy outdoor activities and have a lot of camping equipment, ski/snowboarding gear, golf clubs, etc.  Also, with our housing prices so high, many people downsize from houses and townhouses into condos.  Because of the reduced space, they tend to need the extra storage for their personal items.

It is not always the case that you should buy the extra parking and storage locker.  But do not simply dismiss them as "add-ons".  When purchasing directly from a developer, make sure you have a realtor to help you.  He or she maybe able to negotiate a better price, or even a free parking spot/locker.  The cost of these extra items vary from strata to strata, but you can expect the price tag to be somewhere from $5,000 - $10,000.