Condo buyers what you need to know about leased parking
Boston Condos for Sale and Apartments for Rent
Condo buyers what you need to know about leased parking
Let’s say you start your Boston condo for sale search with a parking space as part of your criteria. And then you see the perfect condominium, but it has what’s defined as “leased parking.” What’s that all about?
Variations of parking with a Boston condo sale
When it comes to parking, either you have a space included or not. There are variations on parking that comes with a unit, such as deeded, assigned, tandem or independent style.
What about leased parking?
A leased space is not included in the purchase of a Boston condominium, and it doesn’t run with the property. The seller typically has leased the space for a while, or has just secured it so the property can be marketed with a solution to the no-parking objection. The seller has a signed agreement with a third party, and that third party also has to approve the buyer if the lease is to be transferred to the new owner.
Leased parking can be in a private garage or even a public parking garage. You’ll want to visit the space and consider the distance to and from the property you’re thinking of buying. If the space is in the rear of the building (i.e. Back Bay or Beacon Hill), you should know that someday that parking space could be sold.
No guarantees with lease parking
Most importantly, there is no guarantee that the leased space will be available throughout your ownership, or that you’ll be able to transfer the lease in the future. But having a leased space available addresses immediate concerns (i.e., where am I going to park?)
Boston condos for sale and rent with parking and the bottom line
So if you’re considering a property that has leased parking, just know that there is no guarantee you’ll have that space forever. It’s also a good idea to get a sense for how available other leased spaces are in a particular location.
If you’re thinking of buying a Boston condo or to rent a Beacon Hill apartment, please keep the Ford Realty staff in mind. We’re located in the heart of Beacon Hill at 137 Charles St.
Boston Real Estate Blog Updated 2023
Updated: Boston Condos 2023
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