Parking and your Property
When it comes to the wanted list for purchasing a property, the list is often long.
Sometimes, prospective buyers forget about some of the most important and beneficial additions. One such asset is a property’s parking space. This oft-forgotten asset should be on the top of the list, though, whether you own a vehicle or not.
Parking space is hailed as one of the easiest ways to add to your property’s value. At PropertyFox, we look at the benefits that come with a parking space on your property.
Adds More Value to your Property
Even if you do not own a vehicle that needs to be parked, you can still make use of the parking space by renting it out. This isn’t practical or even possible for all parking spaces, but it can be a potential money spinner.
By renting out your parking space you can generate extra income. There are many considerations when opting for this route, ranging from extra tax and even security. Familiarise yourself with the pros and cons before going all out.
It’s More Convenient
This is relevant only if you have a secure parking space on your property. On street parking can be a nightmare, since there isn’t actually a dedicate space available every day. While most good neighbours follow basic courtesy and stick to the ‘park in front of your own house’ rule, visitors from near and far might not be so polite.
By renting out your parking space you can generate extra income.
Off-street parking won’t just be convenient for carrying all your groceries inside, it can also be much safer if you have electric gates.
Home Garage Parking Can Keep You Safer
A locked garage that you enter from the interior door of your home provides a safer environment than your driveway when it comes to accessing your vehicle.
And when you arrive home and pull into your garage, anyone looking to do you harm will be more reluctant to take that riskier step of entering your home to do so. They might have fewer reservations if you’re parking in the driveway.
Parking in The Garage Preserves Your Curb Appeal
Homeowners invest lots of time and money into improving curb appeal by upgrading their home and property’s appearance. Parking vehicles in your driveway can detract from your home’s curb appeal. In fact, some might even view it as a form of clutter.
There’s a reason most of real estate listing photos don’t include parked vehicles in the property’s driveway.
And Of Course, The Protection of Your Vehicle Investment
Parking your vehicles outside when you have a garage simply doesn’t make sense. That’s because a new vehicle is likely the second biggest financial investment you’ll make after a home purchase. Parking your vehicle in a locked garage might even reduce your insurance payments.
If you have an existing garage, as well as providing a parking space, a garage conversion can see your home’s market value increase significantly.