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More car parks please – if you buy condo (updated)

Should you buy if the condo comes with just one car park today? The answer is a firm No. Unless if you are buying a SOHO, then perhaps one car park space may be enough. Today, majority if not all new condo projects provide two car parks. However, a lot of secondary condo projects may have just one car park. If you can, buy a condo with two car parks instead of one. Statistically, majority of all households have two cars. Your wife and you each would own a car. If you say, it is ok, one car can be outside since the second car is an old car anyway, I hope you understand there are days when you need to do some shopping thus you may need to carry heavy shopping bags all the way from the place you park until you reach your condo. Imagine if it rains or the sun happened to be hot because it is MALAYSIA.

What about safety of YOU or your loved ones? What about the convenience? What about the hassle of looking for the car park? What about the times when you are rushing for time? What if you are parking outside and you are in URGENT need for a toilet? and more………

It is possible to rent, of course. A close friend tried to rent a car park for 2 months before getting one. Every night she has to park nearby, run across a field which is secluded to reach her condo. Definitely not such an amazing feeling if you have to do it every night. Perhaps you may lose some weight though. At this moment, I am renting a car park for RM180. This is a normal car park rental in KL. Given a choice, I would have preferred to buy one. Reason being RM180 x 12 = RM1,260. This is the amount I needed to pay for rental for one year.  To get back this money from FD, I need to save RM72,000!

When it comes to selling, any unit with 2 car parks would fetch a premium and the difference is larger than what you would have paid for it when you first bought your unit. Don’t worry, if you are the buyer and the unit has just one car park you can negotiate for a lower selling price.

updated on 2nd March 2014

Next suggested article: Expert Series Q&A – Penang Property Secondary Market – Mr. Stephen Soon

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3 Comments

  • Ang on March 5, 2014

    Hi Chialih,

    You are absolutely correct, having 2 car parks with its apartment is a basic criteria nowsdays, i was a bit regret of not buying extra car park lot when i had an optional to do so when developer did offer, that time, each additional car park lot was only cost about RM15,000, if i had made a right decision during that time, the apartment would be able to be sold easily with higher profit to broader market.

    Thanks for your sharing.

    • chialih on March 6, 2014

      Ang, there is no such thing as regret. Only lessons learnt. This ensures in future you can make the right decision. 🙂

  • Juanita Markovich on August 11, 2014

    The high rise apartments are equipped with garages connected to their homes. I have see a two-car garage home starts at $7.5 million and four-car garage range up to $24 million. However, I have saw the Forestville Executive Condo, they are selling units including a two-car garage for affordable price.

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