Our small 5 unit condo is debating whether or not to convert common area space into common parking
area parking spaces with 5 spots. Each unit owner would be special assessed 5K to cover related costs. My question is this: What value would this add to each unit when sold? In other words, would owners see a return on their investment?
Our building is located in the Glover Park area of Washington DC where street parking can be difficult at times.
Thank you for your quick response. Our common area is in poor condition- damaged chain link fence, open area that mainly consists of weeds. Our thought was also that parking would tidy up the overall look of the yard and still leave room for an open area to grill out, etc.
Hello Condo President,
I think some more detail about the common area would help the responders.
If you have a nice courtyard for example, and you want to convert that, it may not be a wise choice. If the common area is nothing to brag about, then I think you and the other condo owners would be well served from an investment and functionality point of view.
Parking spaces are always a nice ammenity in highly populated cities.
Also, could the space be made into parking garages? That would be even better.
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