A home for your car…
“How important is a garage for resale value?” “Should I even look at properties that do not have a garage or attached parking because it will adversely effect the resale of the property?” These are common questions that buyers as k me when searching for properties in Chicago and the North Shore.
The easy answers to these questions are;
1. “A garage is very important for resale value, especially if you are purchasing a condo because parking is often limited and the change in demographics imply that areas that are within walking distance to public transportation are going to witness a population growth. Thus, the long-term importance of a garage or, at the very least, an outdoor parking space, will increase as available street parking decreases.”
2. “Of course you should look at properties that do not have parking.”
Both of these questions can not be answered fully without considering the importance of LOCATION. Location is the most important factor in buying and reselling a home. The importance of location is also a key factor of the emotional response that a buyer has towards a property because it centers around the lifestyle that they envision themselves living. If a buyer is looking a two condos, one that is a short walk from retail and public transportation and the second is a similar condo with a parking space that is 2 miles from the nearest retail and transportation area, the buyer will most often choose to purchase the condo without parking because the location fits in perfectly with the lifestyle that he envisions himself living. If you are buying a property in Chicago or the North Shore, first choose where you want to live and then order the rest of your criteria as you see fit. Remember, that this is not only an investment, but also your home and the objective is for you to enjoy your time there.
I recently purchased a home in Evanston without garage parking, but in a great location, and the only time that I have had regrets is during the Blizzard of 2011 when I had to find and shovel my car out !
Please contact me if you are buying or selling your home in Chicago, Evanston, Wilmette, or anywhere on the North Shore.
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