Parking space or not

November 16 2011

2011-11-16-stationnement1

By Louis P. Paquette Well it’s no secret to anyone that parking spaces in Montréal are quite expensive! To figure that we must spend roughly $25,000 to $40,000, and sometimes even more depending on the location as well as supply and demand, it is no wonder that people are continuously asking if their car is really worth it. Having lived off the island of Montréal, I have always used my car to get around. A client at Le Seville, who lives in the suburbs but is soon moving downtown to be closer to her job, asked me if it was necessary for her to have a parking spot. To her surprise, I explained that I plan to ditch my car for good once I move to Le Seville next summer. Of course, so many factors come to mind when discussing this issue. Everything depends more or less on how much we use our car, as well as what kind of new home we are buying: a studio, a 3 ½ , 4 ½ ? And for what purpose are we buying: a primary residence for living full time, a secondary residence, or as an investment (with the goal of renting it)? As a general rule, those who own condos of 800 square feet and over reserve a parking space, and when comes the time to sell, the parking space can have a big impact. For others, the metro station is literally across the street from Le Seville, and buses pass in front of the building many times daily. We’ll have access to plenty of vehicles, with drivers to top it off! Of course, owning your own car creates a feeling of liberty and freedom, where one can just take off to the countryside at a moment’s notice. However, this becomes relatively expensive when considering the short length of such trips versus the cost of owning a car year-round. Services such as Communauto allow drivers to benefit from using a vehicle when they need it at a low price while saving on costs such as parking, vehicle financing, registration, insurance, repairs and routine upkeep costs. I would very much like to hear your opinions on this important question, which has come up time and again when one is buying a new condo. “Do I need to buy a parking space? Are all the costs really worth it? Will buying a parking space make it easier for me to resell my home, considering the square footage? Given the location of the project, can I think of this purchase as an investment?” Hoping to read your responses! Louis

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