Profit : 💰💰💰💰⚫️ | Risk : 🔴🔴🔴⚫️⚫️ | Discover other strategies by joining the club !
- Why box, transform, close your parking space ?
- Profitability obtained by transforming a parking lot into a closed box
- The steps to close your site in a respectful way
- How much does it cost to close a standard size site ?
- How long does it take to turn a parking lot into a garage?
- Transformation carried out without authorization
Why box, transform, close your parking space ?
Boxing a parking space is to transform a parking space into a closed garage. Depending on the location of your parking space, you need to add two or three wall partitions and a swinging, sliding or sectional door. You are the owner of a parking space in a condominium and you want to transform it into a garage ; to boost its profitability or increase its security level. We are going to explain you all the steps to box a parking lot by respecting the rules to close your parking space.
Advantages of boxing
There are several reasons for a homeowner to build a garage on a parking space.
- Secure the location
The main reason is to secure the vehicle or the goods stored inside in the case of a furniture storage. Securing a storage space has two aspects: theft and damage. It is not uncommon to find a prowler in a common parking lot. A malevolent person can easily gain access when the automatic door closes or by using a poorly secured pedestrian access. Once inside, the individual is often out of sight and can quickly search for items to steal. The only way to find out the contents of a garage is to break open the garage door, with all the risks that this entails: making noise, being spotted, leaving fingerprints, finding an empty garage, etc… A thief tries to steal in a simple and quick way, he will attack more easily the accessible vehicles. Another example, a neighbor may be thoughtful enough to knock on the door of your car. Once parked in a garage, there is no more risk for your vehicle!
- Increase value and reduce vacancy
The second reason that leads a co-owner to build a box on his parking space is to increase the value of the property. Indeed, this transformation allows to multiply by 1,6 to 2 times the rental value of a place. In any city, a garage will rent for much more than a parking space. Several club members who have had trouble renting parking spaces have made a splash by converting them into garages, resulting in a 100% fill rate. A garage is easier to rent than a parking space, so you’ll get more calls once the conversion is complete.
Disadvantages of boxing
Any project to build a garage on your parking space brings some disadvantages.
- It is necessary to make administrative steps with the syndic of co-ownership to box a parking lot.
- Reduction of maneuvering space. With a traditional parking space, it is possible to “bite” the white stripe ; this is no longer the case with a garage configuration, with the risk of rubbing your vehicle against the walls.
Profitability obtained by transforming a parking lot into a closed box
Some members of the club have agreed to share with you the figures of their operations of transformation of parking spaces into closed boxes. There is a good investment strategy which consists in buying parking spaces to transform them into boxes before reselling them and cashing in on good capital gains.
|Number of locations||Acquisition and boxing||Parking rent||Garage rent||Gross profitability||Sale price||Transfer||Added value||Member’s name|
|5 parkings||36 000 €||55 € per month||90 € per month||15,00 %||65 000 €||5 years later||29 000 €|| Exchange with this member|
|11 parkings||44 000 €||60 € per month||90 € per month||27,00 %||135 000 €||6 years later||91 000 €|| Exchange with this member|
|2 parkings||28 000 €||65 € per month||170 € per month||14,57 %|| Exchange with this member|
|2 parkings||7 200 €||25 € per month||60 € per month||20,00 %|| Exchange with this member|
|15 parkings||80 000 €||40 € per month||80 € per month||18,00 %||195 000 €||8 years later||115 000 €|| Exchange with this member|
|10 parkings||52 000 €||40 € per month||80 € per month||18,46 %||130 000 €||2 years later||78 000 €|| Exchange with this member|
|18 parkings||67 000 €||50 € per month||75 € per month||24,18 %||205 000 €||3 years later||138 000 €|| Exchange with this member|
|10 parkings||37 000 €||50 € per month||75 € per month||24,32 %||140 000 €||5 years later||103 000 €|| Exchange with this member|
|28 parkings||104 000 €||50 € per month||75 € per month||24,23 %||362 000 €||3 years later||258 000 €|| Exchange with this member|
Feel free to share your feedback with the community by leaving a comment !
💡 Did you know that?
Boxing a parking lot multiplies the rental profitability by 1.8 on average.
At the time of resale, the value of the parking lot is multiplied by 3 on average.
The steps to close your site in a respectful way
1. Am I allowed to box my parking space ?
Before embarking on a project to close a parking space, you must ensure that your location has all the following technical requirements to be closed.
The real estate regulations limit the size of a garage to a maximum of two parking spaces, or a maximum width of about 5 meters. The partitioning is made of solid masonry walls leaving the choice between the use of cellular concrete or solid breeze block. Metal partitions are prohibited by most fire safety regulations. The location must not have a natural ventilation grid to the outside. Indeed, you cannot block a common ventilation easement.
Following the same logic, if an electrical panel, an anti-fire element are present on your site. You must first obtain the agreement of the co-ownership to have them moved. Pipes, water evacuation pipes or electrical sheaths must be located at least 2 meters from the ground to be able to box a space. If a water or heating cut-off valve is present in your parking lot, you must give a copy of the keys to your garage door to the building manager so that he can access it in case of a visit or inspection. Of course, it is useless to specify that you must be the exclusive owner of the space to be closed. Don’t forget that storage in an underground garage is forbidden in certain cases, you can read our article on this subject for more information.
2. I get permission from my neighbors
Before transforming your parking space, you must take the time to explain your project to your neighbors. The objective is to avoid possible refusals during the general meeting of co-owners. Explaining the situation to your neighbors is an essential step in the smooth running of your project. Do not hesitate to present the security advantages of closing the spaces, with a little luck, you may even bring new customers to the boxing company and get a better discount! Get the written agreement of your parking neighbors by signing a boxing agreement. BOXAGE company provides its customers with a model agreement between neighbors drafted by their lawyer specialized in condominium law.
3. I get the agreement to box at the general assembly of the co-owners
When carrying out work, it must be done according to the rules. To transform a parking space into a closed box in a common parking, you must obtain the agreement of all the co-owners. This agreement is submitted to a vote at the general meeting of co-owners. The majority wins the vote, so it is important to explain the purpose of the transformation to all the owners to obtain their support. It is even recommended to request a certificate of non-appeal against the voted resolution. Drafted by your trustee, this document allows you to eliminate the legal delay of 2 months for contesting the resolution and to quickly carry out the work.
4.I make a declaration of work to the town hall
It is not recommended to start the work immediately; wait for the legal delay of contestation of 2 months after the date of reception of the Minutes of the general assembly. Unless you have obtained a certificate of non-appeal from your syndic against the resolution voted. As with any development or modification work, you must make a declaration of work to your town hall to be in order. As soon as you have obtained the agreement of transformation, the town hall will not come to bother you.
5. I have the work done with respect to the other occupants
It is highly recommended to call upon a specialist in the transformation of parking spaces in the basement into closed boxes. Needless to say, the work must be carried out with respect for the other occupants, especially if some co-owners have voted against your boxing project. Minimal disturbance, cleanliness of the work site, quality of the boxing finish, these are the minimum rules that allow you to remain on good terms with the other owners.
💡 Did you know that?
If your boxing does not comply with the rules, your condominium manager has the right to have it dismantled at your expense… Get help to avoid any disappointment.
How much does it cost to close a standard size site ?
The solid wall solution
Count between 2,500 and 3,500 € tax included for a full construction in cellular concrete on 2 sides and a traditional overhead door. Several members of our club have called upon BOXAGE company, which specializes in the transformation of basement parking lots into closed boxes. Leader of the construction of box in France, the company accompanies private individuals, syndicate councils, social landlords, promoters, companies and administrations, from the initial project to the construction of the box.
Advantages of the solid wall solution
- Reinforced security, a thief cannot see what is stored inside the box.
- The structure adapts perfectly to the place.
- The panels adapt to all terrains and technical constraints (piping, wiring …).
- Fixing of elements and fitting out is possible, it is only necessary to use adapted plugs (concrete plugs type).
- Possibility to change the color (RAL color chart) of the paint applied on the walls.
- Installation of grills possible in the upper part for the passage of air and smoke evacuation (in compliance with the control offices).
Metal “sandwich” panel solution
A different solution for the construction of your boxes: building in metal panels. This one adapts perfectly to the surface of your parking space, it is made to measure! The metal “sandwich” panels are full height, composed of 2 steel faces and a 40kg/m² polyurethane foam filling (classification B bs2d0 (M1)) with a thickness of 40 mm and a useful width of 1000 mm. There are M0 class fire resistant panels for high rise buildings and public buildings.
Count on a budget of 3,500 € tax inluded to create a classic box of 2,5 m wide by 5 m deep (approximately 12 m²) ; in metal panels with a swinging door with the option of fire resistance. A discount may be granted depending on the quantity ordered.
The swing door with French opening allows to overcome the problems of parking with difficult environment constraints (badly placed evacuation, passing technical duct, shifted beam…). Extremely resistant with its 2 mm steel tubular structure, it is available in all dimensions with no lower limit of width and height to suit all locations. Equipped with a double lock to adapt to an efficient rental management, this reinforced door will allow a better longevity of use. This door exists in a micro-perforated version to be compatible with smoke extraction constraints. It is available in all colors of the RAL range.
Advantages of the metal sandwich panel solution
- Increased security, a thief cannot see what is stored inside the box.
- Little weight constraint on the structure of the building. Indeed, a panel is much less heavy than cellular concrete or cinder block, it is a more secure solution for your parking slabs.
- The structure adapts perfectly to the place.
- Quick to assemble and dismantle, the panels are placed on U-shaped rails fixed to the floor and ceiling and slide in. Allow 1 week to build 70 boxes.
- Little nuisance during the work.
- The panels can be adapted to any terrain and technical constraints (piping, wiring, etc.).
- Fixing of elements and fitting out is possible, you just need to use adapted pegs (Molly or Insert type pegs).
- Possibility to modify the finishing color (RAL color chart).
- Installation of grilles possible in the upper part for the passage of air and smoke evacuation (in compliance with the control offices).
The grid solution
Count between 1,000 and 2,000 € tax inluded to create a box with a wire mesh overhead door. This solution is the most affordable but the least efficient. Indeed, the fence only secures half of the vehicle parked inside. In the case of a storage space, the belongings are not safe from prying eyes. This solution is also more fragile and less durable over time.
Advantages of grid solution
- Little weight constraint on the building structure. Indeed, a wire mesh is much lighter than cellular concrete or cinder block.
- The structure adapts perfectly to the space.
- Quick assembly and disassembly with floor and ceiling fixing.
- Little nuisance during the works.
- The panels adapt to all terrains and technical constraints (piping, wiring, etc.).
- Possibility of modifying the finishing color (RAL color chart).
Disadvantages of the screened solution
- The security is not optimal because a thief can see what is stored inside the box.
- The return on investment / installation price is not great.
- A garage made of wire mesh is much less expensive than a hard garage.
Evolution of the amount of expenses
In 70% of the cases of closing a parking lot, the amount of the charges does not increase. Nevertheless, the amount of your charges may change once the conversion to a garage is completed. Since the calculation of the tantièmes of your co-ownership can change. Ask your syndic to know the methods of calculation of your share. Rest assured, if the rental income is multiplied by two, the expenses do not follow this logic. Usually the increase in charges is around 25%.
How long does it take to turn a parking lot into a garage?
Boxing a place in a condominium
It takes about 4 months to build boxes from parking spaces located in co-ownership. The longest step remains administrative, in co-ownership, the legal time limit for contesting is 2 months after receiving the minutes of the general assembly accepting the transformation. You can save time if you obtain a certificate of non-appeal against the voted resolution. Two additional months are needed to coordinate all phases of the boxing work. The first step is to verify the dimensions of your location and accurately measure the requirements to order the necessary materials. The transformation itself does not take much time, count on 1 to 2 weeks of work.
Boxing a space outside of a condominium
Outside of a condominium, it takes about 2 months to transform a parking space into a box. The first step is to measure the exact dimensions of your space to order the necessary material. The time of supply of the material takes approximately 2 to 3 weeks except period of vacations. The modification itself does not take much time, count 1 to 2 weeks.
Transformation carried out without authorization
It is not uncommon for owners to box up their garage without authorization. This transformation from a parking lot to a garage is risky because the condominium corporation can give you notice to destroy the partitions. Moreover, if you want to resell a parking lot transformed into garages, there is a great chance that the future buyer or the notary will realize the problem. At the time of the signature at the notary’s office, the seller must provide proof that the work has been carried out according to the rules: agreement of the neighbors, agreement of the co-ownership syndic, invoice of the work, ten-year insurance of the service provider (if the sale takes place within 10 years after the transformation). It is not uncommon for a sale to be cancelled by the notary because the transformation was not done according to the rules. If the notary does not cancel the sale, the buyer can retract the sale by asking for compensation by invoking the intention to sell with a hidden defect.
Sometimes, the general assembly of co-owners can ratify the work after the fact. The majority of conflicts between co-owners are settled amicably, nevertheless you take the risk of seeing your responsibility engaged in case of problem. The conclusion is simple: do not box without respecting the rules and never buy a badly boxed parking space !