When it comes to buying a downtown condo, how much should you prioritize a parking spot, secure bicycle storage and proximity to public transit? Agent Brian Elder (be-at-home.com) weighs in.
Parking is definitely a hot commodity in the Toronto market, and because more condos are being built with fewer parking spaces, I always advise buyers that if they can afford parking, it's definitely a good purchase. If you don't have a car, you can rent out the space and use the income to subsidize your maintenance fees.
For the budget-conscious buyer, paying 30K or 40K for a parking space may not make sense when the reality is that most people live in a home for three to five years, and to rent a parking space for that long would cost about one-fifth as much as buying one.
Many buyers are concerned about their carbon footprint, so proximity to public transit and living in a bike-friendly building are extremely important, too.