Should I Rent or Purchase a Second Condo Parking Space?

S.K. from outside of Connecticut writes:

Dear Mister Condo,

My husband and I want to buy a new condo. We would need 2 cars. The condo comes with one parking spot. The second parking spot is $23,000. Or, hopefully there will be a spot to rent, but that wouldn’t allow us to park next to each other. We don’t know if we will live there for 6 years or it could be as little as 1 or 2 years. This is the only time that we can decide to get adjacent parking spots. Is it worth the risk?

Mister Condo replies:

S.K., I am not sure I understand what the risk is. It sounds like you will be allowed to park both of your vehicles on the association’s lot as long as you secure a second spot. Purchasing the spot is a better idea, in my opinion as you should have no problem reselling it when you leave the community. Renting a second spot could prove a bit riskier because you do so at the desire of the parking space’s owner, who could sell it or decide to no longer rent it to you at some point. If it were me, I would purchase both the condo and the second parking space. My guess is you will have no problem selling both when the time comes to move out. All the best!

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