We know parking can come at a premium, but if you’re buying a new-build home and want a space for your car, it could cost you more than 10% of your property’s purchase price.
According to new research from Direct Line’s Select Premier insurance, a parking space to accompany a new build property in Battersea, south west London, was recently being sold for £65,000, equivalent to 13% of the property’s £500,000 price tag. Developers typically slap on an average of 5% for a parking space to go with your property, with less than a fifth of new-build homes including a space in the purchase price.
Nick Brabham, head of Select Premier Insurance says: “Restrictions on the number of parking spaces developers can build to accompany new properties make these slots a hot commodity carrying a premium price.”
It’s not just in the capital where homebuyers have to pay thousands for somewhere to park their cars.
If you live somewhere where there is huge demand for parking, you might want to consider renting out your space
In many areas, parking spaces can’t be bought alongside properties at all, and developers will instead sell annual permits for you to rent spaces. One £425,000 property in Bristol came with an annual permit costing £1,400, while in Brighton a space accompanying a £410,000 apartment cost £1,000 a year.
If you do have to fork out a fortune for your parking space, and you live somewhere where there is huge demand for parking, you might want to consider renting out your space to recoup some of your money.
This may not be allowed if you are renting your space and are not the actual owner, so always check first with the company who supplies your permit before proceeding.
There are plenty of websites where you can list your parking space for hire, including JustPark.com, yourparkingspace.co.uk, and parklet.co.uk.
With JustPark.com, for example, you set the times when the space will be available, and decide how much you want to charge per hour, day, week or month. There’s no charge to list your car on the space. The site adds a service fee to your charge which is paid by the driver. You will however have to pay a 50p charge to withdraw any earnings you make under £25, but you can transfer any earnings over this limit free of charge to your bank account.
Yourparkingspace.co.uk also doesn’t charge you anything to list your space, and again charges motorist renting your space a service fee.
Parklet.co.uk specialises in longer-term lets, and charges 20% commission plus Value Added Tax (VAT) and a one-off £25 plus VAT admin charge. You can’t let out your space on the site for less than a month, so you’ll need to find somewhere else for your own car. Current spaces advertised on the site include an allocated space in a residential block in north-west London for £320 a month, and a garage in Cambridge near the station for £115 a month.
Parking spaces which command the biggest rents are usually those near to town centres, transport links, stadiums or concert venues.
Bear in mind that where you park can affect the car insurance premiums you pay, so you’ll need to notify yours if you’re planning on moving your car to a different location.
Brabham says: “Access to secure parking can sometimes impact on insurance premiums for a vehicle, so people will need to weigh up the potential long-term cost savings of purchasing a space carefully. The limited access to affordable parking spaces in many cities is becoming a serious issue, which is why we are seeing a growth in people renting out their driveways and spaces to other motorists.”
FAQs
In this brain puzzle, all you had to do was to look at the image in reverse. By doing that, you will see that the numbers are written in sequence in the parking lots - 86, 87, 88, 89, 90, and 91. So, the answer to the riddle is 87. The Car is Parked in the 87 Number Slot.
How profitable is a parking lot? ›
Investing in a parking lot business is highly profitable due in part to low overhead as well as the ability to freely increase rental rates to protect from inflation.
How do I monetize my parking lot? ›
Start profiting from your parking space
- Consider installing parking barriers.
- Gather information about competitors' parking rates, rules, and amenities.
- Invest in parking management software.
- Introduce parking fees.
- Use dynamic pricing.
- Enable cashless payments.
- Charge for reserved spots.
- Offer parking passes.
Find your parking ratio by dividing the number of spaces by the building's square footage (in thousands). For instance, take a 40,000-square-foot building with a 200-space parking lot. Divide 200 (spaces) by 40 (thousand square feet) to find a parking ratio of 5 spaces per 1,000 square feet.
What is the parking space number riddle? ›
“If we flip the parking lot image by 180 degrees, then the lot looks like 86, _ , 88, 89, 90, 91. Therefore, the missing number is 87,” shared a fourth. A fifth joined, “The answer is 87.
What's the number of the parking space quiz? ›
Find the Number on Parking Spot in 6 Seconds - Solution
The solution to this brain teaser challenge is as follows: If you look carefully, the numbers on the image form a series, and therefore, if you rotate the screen upside down, you can see the solution, which is 87. The other numbers are 86, 88, 89, 90, and 91.
Can you make money buying parking spots? ›
The ROI Potential of Invest in Parking Lots
The return on investment (ROI) for parking lots can be surprisingly high, especially when compared to other types of real estate investments. For starters, there are relatively low initial costs compared to other forms of real estate.
Is a parking space a good investment? ›
It's a more affordable rental investment than buying a property. A parking space is ideal for a first property investment, when you don't have the budget to buy a studio or apartment to rent out. Maintenance and management costs are also much lower. Buying a parking space to rent out offers simplified management.
What is the parking lot strategy? ›
The parking lot method is a time management approach designed to categorize and manage tasks effectively. It allows individuals or teams to designate specific areas or "parking lots" for tasks, projects, or ideas, thereby promoting clarity and focus.
How much can I get for my parking space? ›
How much can you earn by renting out a parking space? Our research reveals that Brits could earn an average of £209 per month just by renting out their parking space to other drivers. This adds up to just over £2,500 per year.
Many house rules have cropped up over the years regarding this corner square; some of the simplest involve placing a $50 note under the square, which goes to the first player to land there. In some variations, the first note is a $1; when this is claimed it is replaced by a $5 and so on.
How do you maximize a parking lot? ›
Aisles and rows should be located parallel to the long side of the site, helping to maximize the amount of spots you can fit in. Orient your parking spots on each side of an aisle. The size of your aisles will depend on if you create one-way aisles or two-way aisles.
How do you estimate the parking area? ›
Establish the size of each parking space, typically around 9-10 feet wide and 18-20 feet long. Multiply the number of required spaces by the size of each space to find the total area needed for parking. Consider adding additional space for driveways, turning radius, and maneuvering room.
How can I improve my parking space? ›
Solutions for Poorly Designed Parking Facilities
Implementing innovative parking designs, such as stacking or underground parking. Improving lighting and security in parking facilities. Implementing wayfinding systems to assist drivers in finding parking spaces.
How much space for 200 cars? ›
For example, a 200-space parking lot that is estimated to require 325 square feet per stall will need a paved area of 65,000 square feet or about 1.5 acres.
How is it possible 29/1/30? ›
Final answer:
The question is trick based on Roman numerals. 29 and 30 in Roman numerals are XXIX and XXX. Removing an 'I' from XXIX, then rearranging gives XXX, which is visually represented as 29 minus 1 equals 30.
How do you solve a puzzle puzzle? ›
Jigsaw Puzzle Strategies, Tips, and Hints: A Guide to Becoming a Puzzle Expert
- Choose a puzzle.
- Have an end plan.
- Choose a workspace.
- Flip all pieces upwards.
- Find all the edge pieces.
- Sort by color.
- Special pieces.
- Pay close attention to the shape.
Hence, the complete parking spot numbers are 11, 04, 58, 68, 88, 98. Based on the given sequence, the missing number in the series is 58.
How to do a puzzle with limited space? ›
9 tips for doing jigsaw puzzles in a small apartment
- Choose puzzles with medium or small boxes. ...
- You can also use stackable puzzle trays. ...
- Choose smaller jigsaw puzzles that you can complete in a day.
- Divide and put together the jigsaw puzzle into sections. ...
- Store several jigsaw puzzles in a single box.
