Should we pay an extra 200 million VND to buy an apartment with a parking spot?

A couple in Hanoi is torn between buying a higher-priced apartment with a basement parking space and a cheaper one where they would have to park outside.

Our family owns a car and we use it almost every day for commuting, picking up our two children from school, and visiting our hometown on weekends. After nearly a year of house hunting, my spouse and I are torn between two apartments, both around 85 square meters with three bedrooms, located in the same area.

The first apartment is priced at 5.7 billion VND. The interior has been used for many years, so we might need to spend extra money to renovate. The owner mentioned that the apartment currently has a basement parking slot, which the buyer can continue to use after completing the procedures with the building management.

The second apartment is priced at 5.5 billion VND, with a newer interior, and is ready to move in. However, the building has run out of basement parking spots. Our family can only register on the waiting list for the residential area’s public parking lot. The management board has not specified when a slot will become available because the waiting list is very long. During the waiting period, we would have to find an external parking lot on our own.

The external parking lot is about a 10 to 15-minute walk from the apartment and is not located within the residential compound. I am worried that retrieving the car early in the morning or late at night will be inconvenient, especially when carrying two young children or bringing home lots of luggage, not to mention rainy days.

If we choose the apartment with the basement parking slot, we will have to use almost all of our savings and borrow an additional 200 million VND. If we buy the cheaper one, we can reduce our debt and have more reserve funds, but we will have to accept an inconvenience of unknown duration.

My husband believes that a parking spot is a daily necessity and is well worth the extra money. On the other hand, I feel that 200 million VND is a significant difference, which could be used to reduce our debt or take care of our two children.

Should our family buy the more expensive apartment to secure a basement parking spot, or choose the budget-friendly one and accept waiting for a slot? I look forward to your advice. Thank you.

Reader: Viet Thang (Hanoi)