18 SEPTEMBER, 2019

As purchasing a car has become affordable, the number of car buyers are increasing rapidly. With more number of cars on the road, everyone has become familiar with issues like traffic and not getting a proper parking space. Finding a parking spot in public areas is a task of patience. However, having a parking space in your residential area is not difficult as group housing societies offer mandatory car parking to every home buyer. 
The number of car parking spaces depends on the size of the apartment. Therefore, owners of bigger houses could get one or more default car parking. Despite the debate whether parking spaces are compulsory or not, having them is essential for you as a home buyer. Let’s take a look at the benefits a car parking brings to you.

Safety

You get a dedicated place just for your car after purchasing a parking space along with the house. These days, most buildings or societies have their own security whose job is to take care of common areas, including the parking lots. When you park your car outside the building, it becomes susceptible to different types of damages like theft or being towed. On the other hand, your parking space in society premises secures the car from such thefts or robberies or hassles. 

Cost-effective

Not opting for a car parking spot when you don’t own a car seems like a cost-effective idea; however, there are various benefits to go for the one. Every building has limited parking slots. Therefore, the availability of free space decreases as other apartments get occupied. So, when you buy a car in the future, you may have to pay price for the parking which was once available for you along with the flat. Therefore, opting for a parking spot while purchasing a house is an economically wise decision.

Increasing the value of property

Getting a parking spot enables you to use it, not sell it. However, once you have a parking spot, your apartment gets attached to that spot for a lifetime. This means you can transfer the ownership of all parking spots on your name while selling it to another buyer. Having a parking spot attached to your apartment is financially beneficial because it will increase the value of your apartment during the resale.
While purchasing a house with the help of a home loan, it is essential to pay attention to every detail of the home buying processas buying a property isn’t just about the process of eligibility and paying the EMIs on the home loan. You also have to make sure that that you are getting every facility you paid for, such as parking spots.

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.