When buying a condo, you choose a lifestyle filled with modern amenities and convenience. From security to shared spaces, condos offer many perks that make life easier. However, one important detail that often gets overlooked is condominium parking. Parking can greatly impact your day-to-day living, so itโs essential to understand your options. In this blog, weโll walk you through everything you need about condo parking to help you make the best decision.
Options To Choose For Condominium Parking
Regarding parking in a condominium, several options may be available depending on the building and its rules. Understanding these options is right for condo buyers. The three main types of parking in condos are owned, assigned, and leased parking. Each has its own set of guidelines and conditions.
Owning a Parking
Owning a parking spot gives you the most security and stability. When you purchase a condo with an owned parking spot, you receive a separate legal title for the parking stall. This title, like the one for your condo unit, is registered in your name, giving you complete ownership of the space. It also comes with separate property taxes. Owning a parking spot means it cannot be reassigned or taken away by the condo board, giving you full control. However, confirming the exact parking space with the land title and survey plan is important to avoid any mistakes.
Get an Assigned Parking
Assigned parking is a more flexible option where the condominium board allocates parking stalls to residents. Unlike owned parking, you do not have a title for the space, and the stall may be reassigned over time, especially during unit sales or ownership changes. The assignment process is outlined in the condo bylaws or regulations set by the condo board. If a specific parking spot is important, confirm its ownership in writing. Assigned parking often suits those who are flexible and donโt require a permanent parking space.
Lease Your Parking Spot
Leased parking falls between owned and assigned parking. In this arrangement, the condo board leases parking stalls to residents for a specified period. The lease terms, such as duration and costs, vary depending on the condoโs rules. Leased parking provides security, but the lease terms must be reviewed carefully to understand the renewal process. This option is less common but can be a good middle ground for those seeking temporary or flexible parking solutions.
Best Practices To Follow While Getting A Parking
Securing a parking spot in a condominium is an important aspect of condo living. Knowing everything is essential to ensure you make the best choice. Here are some key steps to consider when selecting and confirming your parking space:
Confirm the Type of Parking
Understand whether the parking space is owned, assigned, or leased. Each option comes with different levels of control and responsibility. Ensure you know what youโre agreeing to before finalising the deal.
Verify Parking Details in the Agreement
Always check the purchase agreement or lease to confirm that parking is included. The stall should be considered a separate legal entity if itโs owned parking. Request written confirmation of the parking arrangements if assigned or leased to avoid confusion later.
Review the Condo Bylaws and Rules
Different condominium complexes have unique bylaws regarding parking. These may include details about parking assignments, the number of spaces allowed per unit, guest parking policies, and any rules about vehicle sizes. Review these carefully to ensure the parking spot meets your requirements.
Physically Inspect the Parking Spot
Before committing, physically inspect the parking space. Check its location with your unit, its size, and whether it meets your vehicleโs needs. Ensure the stall is accessible, safe, and suitable for daily use.
Ensure Proper Documentation
If you are purchasing an owned parking stall, pull the land title to verify ownership. For assigned or leased parking, ensure all necessary paperwork is signed detailing your rights to the parking spot. Having everything documented helps prevent any disputes.
Check for Additional Fees
Some parking spots come with additional costs, such as maintenance fees or rental charges. Clarify whether these fees apply to your parking space and factor them into your overall condo expenses.
Understand the Reassignment Policy
If the parking is assigned, understand how reassignments are managed. Some condos reshuffle parking spots periodically or when units are sold. Make sure you are comfortable with the flexibility this offers, and check whether you can secure a specific spot if needed.
Look Into Visitor Parking Rules
Condos often have specific rules for visitor parking. Ensure you understand the availability and regulations for guest parking so youโre not caught off guard when hosting visitors.
Check for Special Requirements
Some condos have restrictions on vehicle types, sizes, or even the number of vehicles you can park. Check these requirements to make sure your vehicle fits within the allowed limits.
Ask About Maintenance and Security
Inquire about the maintenance and security of the parking area. Confirm whether the parking space has adequate lighting, security measures, and regular upkeep to protect your vehicle and ensure convenience.
Conclusion
Parking is often an overlooked aspect of condo living, but it plays a significant role in your overall experience. Whether you opt for owned, assigned, or leased parking, understanding the details and following best practices can save you from potential headaches down the road. By verifying your parking arrangements, you can ensure a smooth and comfortable transition into your new home. Looking for expert guidance on securing the perfect condo with the best parking options? Get in touch with us today, and let us help you make the right choice for your next home!
You May Also Read :
|
Guide To Condo Renovation in Toronto |
|
|
Know The Small and Large Condo |
|
|
Explore The Bedford Condos in Ontario |
|
|
What is Pre Construction Condos |
|
|
All About Toronto Condo Developers |
Frequently Asked Questions (FAQs)
Is it necessary to buy a parking spot with your condo?
Buying a parking spot with your condo ensures convenience and can add value to your property, but it's optional, depending on your needs.
What are the types of parking layout options in a condominium?
Condominiums typically offer open parking, stilt parking, or garage parking layouts, each with varying degrees of coverage and exclusivity.
How do title and exclusive-use parking stalls differ in a condo?
Titled parking is owned with a separate legal title, while exclusive-use stalls are assigned by the condo board for personal use but are not owned.
Do parking spaces in condos come with a legal title?
Titled parking stalls have a separate land title, while others, like exclusive-use or leased parking, do not have individual titles.
What is tilted parking?
Tilted parking refers to parking spaces that are legally titled and come with a separate ownership document.
