Buying with or without car parking

Q. I have recently made enquiries into purchasing an off plan apartment in the City centre and to my surprise I have been asked for a further £18,000 for a parking space! Is this now common practice in Sheffield?
- John Dobson

This is not just common practice in Sheffield but in many major cities. A contact at Foxtons, Chelsea (London's Estate Agent) told us a story about an investor who recently paid in excess of £200,000 for a parking space within the square mile.
 
Don't panic. Though it's all relative, the highest asking price we have experienced so far in Sheffield is in fact equal to your situation at around £18,000 at a new development on Campo Lane. Although slightly ambitious, there will be plenty of takers at the asking price. If we were purchasing more property in the City we would consider a parking space as a shopping list 'must', especially when buying to let.
 
If you are to buy a studio (smart pad, pod or cube) or a modestly sized 1 bedroom apartment, then in most cases you will not be blessed with a parking space as standard. However, all 2 bedroom plus properties should offer you at least one if not two spaces. The only time the developer will not offer spaces on the latter is when they are looking to squeeze every last drop of profit out of the development.
 
If you're looking to rent your property, the price objection can always be overcome if your offering is located in the right spot and has the right interior touches and more importantly has somewhere secure to park the new Mini Cooper.
 
We know of one particular development within close proximity to the Railway station that has been built exclusively for the rental market but offers very limited parking and has subsequently struggled to maintain the forecasted levels of occupancy.
 
Think of your target market when you make your decision. If you want to let your property successfully and have a professional tenant potentially paying more than £600 per calendar month, he/she will certainly expect a parking space. Alternatively if your property does not have a parking space then you must sign post your tenant to the nearest alternative. Sheffield has a few options available with leased spaces from £1200-£1800 per annum.