Buying additional parking

Neighbour is selling in an apartment complex in the city, was thinking of acquiring his car park. Does anyone think it's worth acquiring for a one bedder, which already has 1 parking? Main intention is want to boost the capital value in the future when selling.

 

In many instances car parks are a strata entitlement specific to the specific apartment unit and are "stapled". eg Title comprises a unit + a specific carpark and both are part of same title. This means they are a single attached right. Incapable of being sold. However this doesnt mean that you cant buy another unit and use the car park. But lets say you did, the occupant of the 1bedder may have no carpark and you may have to explain to the strata corp why they are parking illegally.

Also buying a neighbouring apartment gives no authority to join two units to create one large apartment. You need strata approval - Its become popular but can also be opposed. Council approval needs to be obtained as well. Barry Humphries was involved in a well publicised example of this. He wanted to create a super apartment when he acquired an apartment above his and commenced to build a staircase through the floor without strata approval.

Some stratas assist to make the change as it can vastly enhance values. Barry has since bought a third apartment and encompassed that as well.

Five apartment blocks that revolutionised the way Sydney lived

Likely needs legal advice

 

Thanks for the reply.

Well, obviously I already checked the parking is on its own title. Not interested in the apartment t itself, only the parking.

 

Which city what is the cost.
More specifically location? It' a demand based.

Cheers