What’s Off-Street Parking Really Worth?
When you’re getting ready to buy a new home, you will naturally have many questions. Everyone wants to get the most out of what they can afford to buy, and knowing which home features are worth a premium and which are not can be a confusing proposition at best. At worst, it can add considerable stress to the home buying process.In-depth research of your local housing market, property values, and the value of various amenities is typically the only way to make sure that you are effectively purchasing the most home for your budget.Parking isn't something that typically comes across the mind of every eager person actively searching the market for a new home. Sure, parking is on the top-ten list of nearly every buyer, but it's often overlooked by those who work from home, are used to living in the inner city, or for whatever reason aren’t used to relying on a car to get around.But failing to consider a driveway or other off-street parking options when purchasing a new home (whether you’ll use it or not) is potentially a very costly mistake.
The Advantages of Off-Street Parking
If you don’t typically commute for work or you're used to living in a rural area or small town, the advantages of off-street parking may not be immediately obvious to you.In the city, cars parked on the street are more likely to be broken into, hit by drivers who are unwilling to leave behind their information, or stolen outright. Many insurance companies realize this and they may provide you with a discount if you can prove that you have dedicated off-street parking in a safe neighborhood.
Appropriate Pricing for Homes Without It
Unless you are looking to purchase in the inner-city of a large metropolitan area, where residents historically would’ve relied on their legs or mass transit for transportation, the asking price of any home should take into account whether or not off-street parking is included.Do your research to make sure that you understand what a home with parking and a home without should cost in the area where you’re looking. Any experienced appraiser or real estate agent should be able to tell you approximately what you should be paying for a home with or without parking.
The Driveway: An Easy Way to Add Value
Keep in mind that if the new home you are purchasing does not have currently have a driveway, you still may be able to put one in. Depending on where you live, the addition of off-street parking for even one vehicle can add quite a bit of value to a property.Typically, this added value is far and away more than the actual cost of constructing the driveway and garage or carport. And you needn’t wait until you sell the home to capitalize on this added value. If on-street parking is hard enough to come by in your neighborhood, you may be able to rent out your unused off-street parking to a neighbor or commuter coming to your neighborhood for work.
Parking Is Valuable in Many Areas
Depending on where your search for a new home takes you, off-street parking may or may not be a huge factor in your selection. Keep in mind though, that off-street parking is seen as a must by many home buyers, and that if you can do without it initially, you should be able to save on your purchase price, reserving the potential savings to add value to your home in the future.
Homes.com is the place to dream and discover your ideal home! Are you starting to get the itch to look for your first or next home, but don't know where to start? You've come to the right place! Browse our real estate and lifestyle blog for home buying tips, mortgage guides, DIY ideas, interior design, lifestyle topics, general home inspiration, or just some homes fun. We are sure you can scratch that itch and find all the information and tools you need to help in your home search. Want to start looking at available real estate right now? Head to our home page and check out homes for sale or rent listings all over the country. Happy house hunting!