Car spaces

[devo76]

Hi everyone.
What do you think of car spaces. Are they a good investment,Do any of you have them. What are the good points and bad points. I personally wouldnt know where to start doing due diligance on them.Where do you buy them .
Has anyone been down this road before.
Any thoughts would be appreciated.

 

[marg4000]

I believe they have shown good capital growth.

Check out council rates - I have heard that (in Brisbane) the Council charges full rates on EACH space if independently owned, approx $1,500 per year for a bit of concrete.
Marg

 

[yo yo ma]

They are discussed on this thread.
Steve

 

[buzzlightyear]

Car Park with a difference

You may be referring to a commercial car park I am guessing. My example is not quite commercial, however let me share.

Currently have a 2br apartment in Sth Melbourne (which has one car park on title) and is rented out. Parking regulations getting more stingent. In July 05, purchased car park, in the same building, which was already rented out.

The purpose was to add value to the apartment in the long term by having 2 car parks, not so much rental return. Purchased it for $29k (was rented at $35pw at the time), had an offer of $42.5k recently. It is rented out at $45pw currently. Body corporate rates and council rates are minimal.

The down side however, is that as it is separate title, most banks wont want to cross that title with the apartments to leverage off the combined value, but will revalue if its all on one title...It will cost me ~$2k to do that.

The other risk is that you can't sell to anyone, it needs to be essentially to an owner within the same building/complex. And of course you cant really add value, although the car park with the apartment I have placed a storage facility on it.