Comfort and convenience are what defines condo living. Everything you will ever need is right outside your doorstep. While these are solid selling points, buyers or renters must not forget to inquire about the one thing that can make or break a deal — the condominium parking space.
Despite the terrible traffic in the metropolis, car ownership in the Philippines is still relatively low. Obviously, the concentration of vehicle volume is in Metro Manila. As a whole though, the country ranks fifth lowest globally in terms of car ownership. A Nielsen survey showed that 47% or nearly half of the entire Filipino household do not own a car. However, the Philippines also figured in the Top 10 of those with the highest intention to acquire a vehicle in the next two years. At the same time, 96% of Filipino car owners are looking to upgrade their units. You can bet that most are coming from major cities and a good number are condo occupants. See how lucrative condomium parking spaces are?
This is the reason why knowing condo parking facts are a must. Parking spaces (or the lack of it) are among the common rants of condo residents and their guests. Avoid all the stress and find ways to avoid parking nightmares in your condo property by equipping yourself with everything that’s to know about condo parking. Below are nine FYIs about parking spaces.
1. It’s not a package deal
The first thing you need to know about your condo parking space is it is not free. It’s not a “buy a condo and get a parking slot for free” promo. Most condos in the Philippines do not offer a condo and parking bundle because you have to understand that there are people who do not need a parking space. Instead of automatically increasing the total contract price of the unit because of the mandatory parking slot, most developers are giving buyers an option and do not implement one-to-one ratio for units and parking spaces.
2. Separate payment, separate title
Getting a parking space requires a separate acquisition cost. Since it is paid separately from the condo unit, each condo parking space also comes with a separate title. Buyers who intend to lease out their property most of the time opt not to get a parking slot but take note that even this can be rented out at very handsome rates.
3. It’s what the law says
Why the need to issue separate titles? Aside from the fact that it is more practical than “forcing” unit buyers to get one, it is also what the law says. The Building Code of the Philippines provides a certain ratio of unit and slot and square meter requirements making the purchase not automatic but instead an option. This is also the reason why developers balance their parking provisions with unit sizes.
4. Slots are limited
Again, most property developers do not have a one-to-one ratio for unit and parking slot. This means that slots are limited. Do not be surprised if some developers do not have available parking slots for buyers of studio units because buyers of bigger units are usually a priority.
5. Prices are not the same
Like condo units, there are things to factor in when it comes to prices of parking slots. No, they don’t go buy the same price that’s why getting all the financial information on your condo parking space is necessary. It is also priced per square meter so the bigger it is, the higher the price. For example, a nine square meter parking slot in a prime Makati condo is sold at 400,000 to 500,000. Yes, that’s half a million. Sometimes, the floor of the parking space also becomes a factor.
6. You can rent a slot
If you can’t afford to buy a parking space just yet, you may inquire in the administrators’ office if there are slots for rent. Usually, there are. Some owners lease out their parking space. There are also unsold slots that the developers rent out. The going rate for a parking space in prime locations is between 3,000 and 5,000 a month.
7. First come, first served
Most condo communities have parking spaces for guests. However, you have to know that this is a first come, first served basis. Some communities also have rules to make sure no vehicle stays for more than the allowed and reasonable number of hours to give chance to others.
8. Get to know your options
You have to understand that condos in the Philippines have different rules and offers when it comes to parking spaces. Before making a decision or signing anything, you have to know parking options for you and your guests. Some are bought, some are rented, some go with a dedicated guest parking area while some don’t. There are also condo buildings that have a deal with a nearby private pay parking lot to accommodate and prioritize its tenants. The worse is having to park on the street. Unfortunately, some can’t do any better.
9. Parking rage is to be avoided
There will be instances of “lost parking space.” You know, it’s when someone else “accidentally” parks in your slot. There are also instances when guest parking seems to be only intended to one guest for days or weeks. These are common condo parking problems and nothing that can be settled with a calm dialogue.
No matter how small the space we’re talking about, a parking spot is a huge concern for condo buyers and renters. It is often the basis for disagreements, rants, and complaints. If you own a car, it is best to know all your options before deciding. You also have to consider monthly payments, how often are you going to use it, your lifestyle, your desire to get more than one car, and if in fact you really need a slot. Condo parking poses serious headache for condo residents so it is best to study your developer’s parking rules and regulations as a way to avoid parking nightmares in your condo property. Never assume when it comes to these things.