It’s no secret that having a car in the city has its challenges, which is why so many luxury homebuyers put a parking space at the top of their requirements. While this may seem like a pretty straightforward feature to list in a property description, things can get a little confusing when house hunting online. To help clear any confusion, here is an explanation of a few terms that you’re likely to come across.
Also described as titled parking, deeded means that ownership of the space comes with the purchase of the property. Whether it’s in the garage of an apartment building or directly behind a townhouse, this is usually the best-case scenario for homebuyers who need a parking space and want to have complete control of it. If it says “deeded parking available,” then that most likely means it’s sold separately and is not included with the home.
Assigned parking will usually mean that a parking space comes with your new home at no extra cost, but the downside is you probably don’t own it. In theory, this could mean it’s possible that a board or association is in control of allocating parking spaces and it’s important to understand the exact arrangement before making an offer on the property.
This likely means that a space is available for rent with a monthly or annual fee, but it’s a good idea to have your real estate agent confirm the details before jumping to any conclusions. It might not be exactly what you’re looking for, but on the plus side, it’s always possible that a deeded space becomes available to purchase in the future.
All too often, you’ll see something incredibly vague, such as “parking,” tacked onto the end of a property description with no further explanation. Of course, this could refer to anything, from a deeded spot that’s included to a space down the street that’s for rent. Before you cross a property off your list, don’t hesitate to have your agent do some research and find out exactly what it means.