Parking spots and lockers might seem like small details, but they can have a big impact on your condo experience. Here’s what you need to know before signing the dotted line:
🚗 Types of Parking Spots:
- ✅ Deeded Parking: You own the spot outright and can sell or rent it independently.
- ✅ Exclusive Use Parking: Assigned to your unit but owned by the condo corporation.
- ✅ Common Element Parking: Shared spaces available on a first-come, first-served basis.
Pay attention to parking ownership when buying a condo. ‘Parking included’ doesn’t always mean you own it — it could be exclusive use or an assigned spot. Know the difference before you buy!
🛠 What About Lockers?
- ✅ Deeded Lockers: Owned outright and transferable.
- ✅ Exclusive Use Lockers: Assigned for your use but managed by the condo corporation.
- ✅ Common Element Lockers: Shared storage spaces for all residents.
💡 Pro Tips:
- ✨Understand Ownership: Know whether your parking and locker are deeded, exclusive use, or common elements.
- ✨ Check the Rules: Review your condo’s declaration and bylaws for restrictions on renting or selling these spaces.
- ✨ Factor in Costs: Parking spots and lockers often come with additional fees — don’t overlook these in your budget.
📌Takeaway: Parking and lockers aren’t just conveniences — they’re assets that can impact your condo’s value and your daily life. Know the facts before you buy to avoid surprises later!