Are you looking for your dream home in New York City, but worried that finding a place with on-site parking will break your budget? Parking is expensive in the city, there can be no question about that. But there are ways to find a house with parking at a reasonable price in NYC.
Where to Look?
Knowing where to look will help you find an amazing place to call home, right in the city, with parking that will fit your budget. Are you going to be able to find a luxury apartment overlooking Central Park with a heated parking facility for under one million dollars? No, that is not going to happen, but there are some strategies where you can find something you will both love and be able to afford.
There are many neighborhoods in places like Harlem, Brooklyn and Queens that are fantastic places to live and have great homes with parking at a reasonable price. They may not be cheap, but they are reasonable.
Begin your search in the neighborhoods that tend to have detached townhouses. Often this type of construction has an alley in between the units that has a driveway, and sometimes even a garage.
Another strategy is to look in the outer neighborhoods, often these homes are much newer, having been built in the 1920s to 1960s. Many of these buildings were constructed with automobile parking in mind, unlike the older neighborhoods. However, there are townhouse pockets in Manhattan such as Strivers Row that are equipped with garages.
We have aggregated the best neighborhoods to begin your search here.
Why Pay Up for Parking?
Many residents of the city have cars and enjoy their car, even if they use public transportation for many of their needs. Having a car is useful for weekend trips, bigger shopping trips or just for the freedom that comes with owning a car. Similarly, many types of blue collar workers working in industries like the construction trades will not be able to practically use public transportation if they have heavy tools they have to take to work everyday.
Pros and Cons of Buying a Home with On-Site Parking
Even if there is ample street parking in your neighborhood, having on-site parking can be an asset. Most streets in the city require alternate side parking in the winter months to facilitate an efficient snow removal. Also, covered parking will keep your car out of the elements which over the life of the car can save significant wear and tear.
Parking does come at a cost though. Most parking spots will add anywhere between $50,000 to one million dollars to the price of a house. That is of course a huge range, and it is almost entirely dependent on location.
The bottom line is that for many city residents, buying a home with an on-site parking spot or even a garage is preferential. With the right search, it does not have to be overly expensive either, you just have to know where to look.
Schedule a call with me here if you have any interest in obtaining a complimentary valuation for your home or buyer consultation.
Authored by: Stanley Montfort
To see townhouses with parking, click here.
To see Manhattan townhouse listings, click here.
To see Bedford-Stuyvesant townhouse listings, click here.
To see Crown Heights townhouse listings, click here.