What does independent parking mean?

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Are parking spaces limited common elements?

The most common type of condominium parking spaces are known as limited common elements (LCEs). This means that once the LCE unit is assigned to a particular dwelling unit, that LCE “follows” that dwelling unit in subsequent conveyances, even if the LCE fails to appear in the subsequent deeds.

Should I buy a parking space with my condo?

If you are investing in a large condo unit such as a two or three-bedroom unit, parking space can be of great importance. There are high chances that people who will be getting these units on rent will have a vehicle. Therefore, having a parking spot can get you better returns.

What is attached parking?

Just as the name suggests, an attached garage is one that is connected to your home, sharing one wall and featuring direct access into the house. A detached garage is one that is free standing and completely separate from your home, whether a few feet or several yards away.

Do driveways add value to a home?

You may be surprised to learn that a driveway does add value to your home. On estimate a driveway can increase your property’s value by 5-10\%. That is quite a bit for an area you do not really need to pay a lot to revamp.

What is a common element in a condo?

Common elements are the shared spaces in and around your condominium building that are owned collectively by all owners in the building. Essentially, it’s all the areas outside of your unit and could include: Laundry rooms. Hallways.

What is considered a common area in a condo?

An often-quoted definition of common area in a condo is: “In condominium projects, every element of the project is common area except for the improvements located within the interior, unfinished surfaces of a condominium’s perimeter walls, floors, and ceilings.”

How much is a parking spot worth downtown Toronto?

On average, a parking spot in Toronto costs about $150/month to rent out or $30,000 to purchase completely. But, like anything, there are exceptions. For example, a parking space in the luxe neighbourhood of Yorkville was once sold for $100,000 — more than triple the city-wide average sales price for a parking spot.

Can a parking space be deeded as a unit?

Review the Declaration: If your seller client owns a unit parking space, this is considered a legally separate unit. In other words, the parking unit can be deeded completely separately from any dwelling unit.

Can I Sell my assigned parking spaces in my condo?

In our condominium, we have assigned spaces. Some of the owners who do not drive would like to sell their parking spaces to others who would like to buy them. Because they are assigned, however, these owners cannot sell their spaces.

Are parking spaces in condominiums taxed?

Parking spaces in condominiums are either separately taxed or are limited common elements. A separately taxed parking space is easier to comprehend. It is a separate entity from the unit, it is assessed separately by the city or state and it has its own legal designation and property tax bill.

Does title insurance cover space deeded to my apartment unit?

If those title documents confirm spaces are deeded to your unit, you should also try to get a title insurance policy that includes those spaces. Title insurance may not be available, and you will pay extra, but it’s probably worth the money.