Home Buying in 21224>Question Details

Mark Freeman, Other/Just Looking in Baltimore, MD

how much value does a one car parking pad in canton baltimore ( 3 bloccks from square) add to the value of a single family rowhouse?

Asked by Mark Freeman, Baltimore, MD Mon May 13, 2013

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Parking can be an invaluable asset here in Canton, as a Canton resident I can definitely attest to that. The value that it adds to the property I have seen vary depending on the ease of getting in and out of the parking spot if there is an alley, etc, and the amount of property that is left over next to the pad for any type of additional patio space or backyard. Generally I would say close to 5% of the market value of a home can be attributed to a parking pad if here in close proximity to Canton square.
0 votes Thank Flag Link Thu Oct 24, 2013
it should add around 15-20k depending on the location of the home...
0 votes Thank Flag Link Wed Sep 11, 2013
Adding a parking pad to a home in Canton is probably the easiest and cheapest way to increase the value of the home, assuming there is room to add the parking pad. It should increase the value by around $20,000. Maybe a little more or a little less depending on the parking pad, location, size, street parking, etc.
0 votes Thank Flag Link Tue May 14, 2013
How much a parking space in 21224 is worth is is a great question for an appraiser. The question would be easy if every variable other than parking were equal, but, in real estate, two pieces of property are rarely equal. Shoot me a message if you want to talk to a couple of my very experienced appraisal contacts.
0 votes Thank Flag Link Mon May 13, 2013
This is a great question. The value is very subjective. For an inpatient person who hates hunting for a parking space, he, or she, will value a parking pad highly, particularly if they use the care every day. A reserved parking space, if there were a garage nearby, might cost $150 a month or more. That works out to $1,800 a year. By any reasonable capitalization rate that suggests a good space, that is easy to get in and out, has to be worth betweem $20,000-25,000. But a thrifty person, or one who does not use the car daily, might search for spaces before springing to the extra cost, especially if they like the house.

Bob McGee
Advance Realty Timoniym
0 votes Thank Flag Link Mon May 13, 2013
It's pretty substantial, could be 15,000 to 25,000 depending on the size and location
0 votes Thank Flag Link Mon May 13, 2013
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