How investors can avoid problem parking and keep tenants happy

Parking can be problematic, not just for unit owners but also investors looking to buy and/or rent out a property. New developments don’t often have 100 per cent car park to unit ratios so the number and location of parking spaces is an important factor to consider in attracting a tenant and it is increasingly becoming an issue that can make or break a rental agreement.

Parking options can affect the amount you can buy, sell and rent your unit for. According to Lachlan Walker from Place Estate Agents the addition of a parking space can vary the buying price by around $40,000-$50,000 and can greatly increase capital gain when it comes time to resell the property.
Parking restrictions should be clear when units or apartments are advertised and discussed throughout the buying process to ensure there are no misunderstandings.

Most of the time, unit owners look to the body corporate to police parking but currently the Body Corporate Act leaves bodies corporate virtually powerless to take action against vehicles illegally parked in a complex. In Queensland, Strata Community Australia is currently pushing for the state government to change the Act to allow bodies corporate to tow illegally parked vehicles in strata complexes.

If you have issues with illegal parking in your complex, here are some tips you can use to manage the situation until there is a crackdown in legislation:

1.    Take action immediately. Notify the offending person and educate them of the rules.

2.    Check your by-laws. If there is no provision for them already, include specific timeframes about how long visitors can park in the visitor car park.

3.    Ensure both owner and visitor car spaces are adequately signed and include any conditions imposed by the by-laws about parking within.

4.    The installation of pop-up bollards is an effective measure to prevent unauthorised people parking in your car space. Just be sure to seek body corporate approval before installing.

5.    Don’t be tempted to let down tyres or damage an offending car. This will just lead to unwanted conflict and potential vehicle damage.