Ask an Agent: Should I Buy a Parking Space That is Separate From My Unit?

  • December 9th 2009

by Mark Wellborn

Ask an Agent: Should I Buy a Parking Space That is Separate From My Unit?: Figure 1

In this week's installment of Ask An Agent, a reader who bought a condo last year wonders if he should invest in a parking space that is separate from his condo. Keller Williams Jason Martin offers up some insight.

Question: A year ago, I bought a unit without a parking space because at the time I didn't have a car. I have since bought a car, and am now stuck without a space. I searched Redfin and it looks like there is an individual parking space available for sale in the garage of the condo building next door to mine. Should I buy it? Are there any considerations I should be aware of before buying a parking space in a building that I don't actually live in?

Answer: As long as the space can legitimately be sold, you should be fine. (I would contact a local title company to handle the transfer.) However, before you purchase the space, I would consider three factors: price, location and convenience. When it comes to the cost of the space, don’t automatically assume a $40,000 space will increase the value of your unit by the same amount. The location factor is also important. If you find it virtually impossible to park on your street when you come home at night, your own space is probably a necessity. However, if there are spots readily available most of the time, spending that money is probably not necessary.

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See other articles related to: ask an agent, dclofts, jason martin, parking

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