Buying a parking spot involves more than just the purchase price; it includes ongoing ownership costs and legal restrictions.
: Even if you own the spot, you will likely pay a monthly assessment fee to the condo association for garage maintenance, which can range from roughly $50 to $100+ . You are also responsible for annual property taxes on the deeded space.
Prices for individual deeded spots vary significantly by neighborhood and amenities (e.g., heated vs. outdoor): buy parking spot chicago
: Use standardized legal documents such as the IL CAR Deeded Parking Purchase and Sale Contract to formalize the deal. Where to Find Listings
: Spots in premier locations like the Gold Coast or Near North Side typically list between $40,000 and $80,000 . Buying a parking spot involves more than just
: Outside the central business district, you can find active listings for as low as $20,000 in neighborhoods like Uptown or Rogers Park. Key Considerations for Buyers
: If you intend to rent the spot out, check the Condo Association's rules. Many buildings only allow owners to rent to other residents within the same building, which significantly limits your potential tenant pool. Prices for individual deeded spots vary significantly by
: Spaces in areas like the West Loop or South Loop often fall in the $20,000 to $35,000 range.