July 16, 2018
Why You Should Look for Reserved or Private Condo Parking
Why You Should Look for Reserved or Private Condo Parking
By LLCR Staff

Dealing with parking in a large city can pose a huge nightmare for any driver. From hunting down an open spot to shoveling the car out during the winter, drivers deal with plenty of challenges.

To alleviate this parking headache and ensure extra security for you and your vehicle, consider reserved or private condo parking.

Reserved or Private Parking is Safer

Not only is private parking more convenient, but it is also a safer alternative to street or public parking lots.

Since HOAs regulate condominium parking lots and garages, security cameras are often in use as a safety measure. These cameras can deter auto theft and vandalism, as well as record any crime that takes place on the premise.

Private parking facilities also reduce the amount of traffic and pedestrians that the driver has to worry about when parking, and thus minimizing the chance of an unwanted accident or collision.

Does Private Parking Cost More?

Private condo parking is considered an amenity, so naturally, this desirable feature comes at a price. However, if safety and convenience are a priority, it may be a worthwhile investment.

The cost for private parking depends largely on the value of the condominium and how the space is rented or sold.

Frequently, condominium parking spaces are “deeded”, meaning that the homeowner also owns the parking spot and a deed (record of ownership) is filed with the county.

If this is the case, then the parking spot can be sold independently of the condo, meaning the buyer must pay additional taxes and building assessments on the space.

Pricing also depends on the nature of the parking. Condominiums may offer assigned spaces in parking lots; first-come, first-serve parking lots; private garages; and communal garages. Some are more desirable than others.

Based on a YoChicago survey, River North condominium private parking spaces start anywhere from $35,000 to $55,000.

If you are still leaning towards street parking, keep in mind that costs may still add up with this alternative. Many streets require permits and are quick to tow or hand out hefty tickets during random street cleanings or events. Park at your own risk.

How to Bring Parking up to HOA

If you’re interested in reserving or purchasing a parking spot at your condominium, you will have to reach out to your Homeowner’s Association.

Since parking proves to be a common challenge when living in an HOA community, make sure to get a good understanding of your condo’s parking policy to avoid any confusion.

The governing documents for HOA-controlled parking spaces are contained in Covenants, Conditions and Restrictions (CC&Rs). These documents provide insight into the purchase process and outline the ownership or reservation of a parking spot.

Make the parking process easier and safer by reserving a private condo parking space today!

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