One of most frequent questions a Realtor in Chicago is asked is “Should I buy parking with the unit?” Unquestionably the answer is YES! Even if you do not own a car, when you sell a condominium or co-op, you will have a much higher buyer pool if parking is conveyed.
The cost for parking in the Gold Coast, Lincoln Park and Lakeview areas can widely vary. When considering a property, first carefully read the MLS sheet to ascertain whether parking is included in the purchase price or if there is an extra charge. If it is deeded parking, you will pay taxes and usually an assessment on the space. if it is a limited common element, you will usually only pay an assessment. If it is rental, ask if the rental agreement is transferable to the new owner. You do not want any surprises at closing.
Do not automatically discard a property if the parking is not “on site”. This only means that the parking is located in another building but with some areas, that could be mere steps away. Ask before you rule the home out.
With the cost for deeded parking in high rises or new developments ranging from $10,000 to over $100,000 a space, car sharing programs are gaining in popularity in the downtown area. I-Go car sharing is the most popular in Chicago. Members can rent cars hourly and keep them as long as necessary.
If you need to find parking in Chicago for a day trip, a great site to use is Parking Anytime. Simply enter your destination address and it will provide lots, garages and parking meter fee information. Also provided on this site is Permit Parking information for the neighborhoods! Very handy.
For the fun “Chicago” tip of the day:
Artropolis runs April 25 -28 at the Merchandise Mart.