From renting your spare room to sharing garages, homeowners and renters can to boost their income in several ways.
If parking is scarce near you, selling your parking space may be an option worth considering.
In this guide, we will explore everything you need to know before putting your flat’s parking space up for sale.
Can I Sell the Parking Space Of My Flat?
The short answer to this question is: it depends.
The two factors it depends on are:
Terms of your freehold or leasehold agreement
Firstly, you should check the terms of your lease or freehold agreement to see if you have the right to sell your parking space.
Some agreements may prohibit you from selling your parking space or require you to seek permission from the management company, landlord or freeholder before doing so.
Whether space is shared or not
Another factor to consider is whether the parking space is allocated solely to your flat or is a shared space with other residents.
If it is a shared space, you may need to get an agreement from the other residents before you can sell your space.
How much can I get for the parking space of my flat?
The value of your parking space will depend on a number of factors.
Location
For example, the average cost of a parking space is more than £100,000 in half of London’s boroughs. This is more than the average property cost in other areas.
Demand
You will need to consider the demand for parking in your area. If there is a shortage of parking spaces and demand is high, you may be able to sell your parking space for a good price.
However, if parking is in abundance, you may struggle to find a buyer or will have to sell at a lower price than you hoped for.
To get an idea of how much your parking space is worth, you can check online property listing websites such as RightMove, or you can speak to local estate agents.
Some estate agents may offer a free valuation service, which can give you an idea of the potential value of your parking space.
Additional costs
It’s also important to consider any additional costs that may be associated with selling your parking space, such as legal fees or marketing costs.
These can eat into your profits, so it’s important to factor them in when calculating the potential value of your parking space.
Pros and cons of selling the parking space of my flat
If you’re happy with the potential figure your parking spot could fetch, there are some final pros and cons to weigh up before putting it on the market.
Pros of selling the parking space of my flat
Additional income
As we’ve covered, depending on where you live and the demand for parking in your area, you could potentially earn a significant amount from the sale.
Good deed
Selling your parking space can also be a good option if you don’t have a car or don’t need a dedicated parking spot. In this case, the space may be going to waste, so selling it could be a big help to someone going without.
Free up the cash
Selling your parking space could be a good option if you want to move to a new area. If it’s not included with your property and you don’t need it at your new home, selling it could be a good way to free up some extra cash.
Cons of selling the parking space of my flat
Difficult to park
One of the biggest cons of selling your parking space is that it could make it more difficult to park your own car.
If you currently use the space yourself, you’ll need to find alternative parking arrangements, which could be more expensive or less convenient than having a dedicated spot.
Harder to sell
Another potential disadvantage of selling your parking space is that it could make your flat less attractive to certain buyers.
Just because you don’t need the parking space, doesn’t mean future buys won’t. If you live in an area where parking is in high demand, potential buyers may be put off by the fact that the property doesn’t come with a dedicated parking spot.
If you need another car parking space
It’s also worth noting that if you sell your parking space and then decide that you need it again in the future, you may have to go through the process of finding another one, which could be more costly in the future.
Neighbours
It’s important to consider the potential impact on your neighbours if you sell your parking space.
In some cases, your neighbours may have the right to object to the sale if it’s part of a communal area. So, it’s important to check your lease agreement or title deeds before making any decisions.
Tax
You should be aware of any tax implications of selling your parking space. You may need to pay capital gains tax on the profits, so it is important to seek advice from a qualified accountant or tax professional.
Sell your flat with We Buy Any Home
We Buy Any Home are chain-free cash house buyers who can purchase your flat up-front and quickly, without hassle or stress. You are in the perfect place to sell your flat fast.
Using our own funds, we will purchase your property at a set price, by a date of your choosing, fully managed from beginning to end.
Click on this link to learn about whether you can sell a share of your house.
Fill in our enquiry form below if you are interested in getting a cash offer for your house.
