Bolso Blog

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Factors That Influence The Value Of A Garage Space

Different factors influence the value of garage space, and the most important are those related to the location and those related to the characteristics of the parking like parking blocks.

First of all and it is a significant factor: The ubication

There are three fundamental factors:

  • The higher the population density: The higher demand, and that means higher prices
  • The higher the purchasing capacity of the neighborhood, the prices will also be higher
  • The buildings’ age: the law requires that residential buildings build in recent times and have at least one parking space per floor. In these new neighborhoods, the squares do not have much value for the investor. This does not happen in neighborhoods with old buildings. They have a large deficit of parking spaces.

Each city is different, and it has developed in another way, urban planning, the layout of its neighborhoods, of its population. All towns are other, but these three factors are always the same, and the parking lot’s value will depend a lot on them.

The Characteristics of a Nice Parking Lot

They are matters of common sense, and parking must be accessible. It must be possible to park comfortably.

Sizes: the most important thing is that it has optimal measurements to access any vehicle. They must be more than two meters wide, ideally more than 2.20. Long a minimum of 4.00 m for small cars, 4.30 m for medium vehicles, and more than 4.50 for large vehicles.

Better the first floor than the lower ones. The lower it is, the less value, especially if there is no elevator or stairs and you have to walk up the ramps.

If it may not be the last square in the corridor, the one next to the wall, they are the worst maneuver. In general, it is better to have easy maneuvers. Be careful with the columns and the turns between ramps.

The condition of the garage and its age will also affect the price. We all like the new, clean, bright and we are willing to pay more for it.

Greg Jones: Greg's blog posts are known for their clear and concise coverage of economic and financial news. With a background as a financial journalist, he offers readers valuable insights into the complexities of the global economy.