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Ask Adam: The Value of Guest Parking

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This regularly-scheduled sponsored Q&A column is written by Adam Gallegos, Arlington-based real estate broker, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.

Q. I live in a small condo complex in the Ballston area, less than 15 units. Our small lot has one spot per unit, and two guest spots. Recently it was proposed that we eliminate the guest spots because people from neighboring complexes have been monopolizing them instead of our residents.

Many residents were fine with getting rid of them, but someone said eliminating the guest spots would lower our property values. Does that seem right? I’m sure eliminating resident spots would lower values, but it seems weird that guest spots would affect our prices.

A. I’ve never seen an appraisal or home value analysis that placed a dollar value on the availability of guest parking spaces. That said, I think your condo building will be more appealing to potential buyers if it offers guest parking than if it does not.

Ballston can be a challenging place to find parking at certain hours of the day. A savvy homebuyer is going to recognize this and may be turned off if guest parking or ample street parking is not available. If buyers go elsewhere because guest parking isn’t available then it is having an effect on your home values.

I recommend keeping the guest parking spaces even if you have to work with one of the local towing companies to set an example when the spaces are not used by legitimate guests.

Please keep the questions coming to [email protected]

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

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