While off-street parking isn’t the most important feature when choosing a home, many buyers think of it as an absolute must. By avoiding homes that lack off-street parking Athens OH, home buyers can save on their purchase price and use that money to add value to their home in the future. If you don’t drive, however, you might want to consider adding off-street parking to your home. After all, it won’t be a bad idea to have ample space for parking.
Adds value to a home
Adding off-street parking to a property can have many benefits, from removing the need to park on the street to having additional space. The parking area will be more convenient and will save you money on car insurance. It will also benefit your car, as you won’t have to battle with your neighbors for a spot. Adding an off-street parking space can even increase the value of your property. You can even convert part of your front garden into a driveway.
A lot of people don’t realize the importance of off-street parking, especially if they don’t commute to work or go on long trips. Having off-street parking will protect your car from being stolen, broken into, or damaged by reckless drivers. Insurance companies have started recognizing this fact and may offer a discount for homeowners with off-street parking. If you don’t drive your car, you may be unable to get a decent insurance policy.
Some homeowners choose to rent out their off-street parking space when they are not using it. However, this is a violation of their tenancy agreement. Before renting out the parking space, make sure to get your landlord’s permission in writing. Off-street parking spaces can increase the value of your home, especially if there is only one in your neighborhood. A home with off-street parking is also more desirable to prospective buyers than a home without it.
Increases car ownership
The number of cars per household is directly related to the availability of off-street parking, according to a recent study by Robert C. Schmitt. In fact, the number of cars per household is inversely proportional to the density of the population and the number of multi-unit structures in a city.
This is a concern, considering that land for off-street parking is expensive and in short supply, particularly in high-density residential areas. In many cities, apartment building owners charge as much as $35 per month for off-street parking, and the price can increase dramatically if the parking is enclosed.
The amount of off-street parking per household is an important determinant of car ownership, but its effects are largely unknown. The study uses data from Bing Maps and Google Street View to determine the number of free parking spaces in households.
Moreover, the researchers used an innovative multivariate model to estimate the effects of off-street parking and car ownership. This unique case study design ensures that the relationship between residential on-street parking and car ownership is weak and there is little correlation between them.
The paper finds that homes with off-street parking increase the number of private cars by almost 10%. The research highlights the implications of the residential parking policy and recommends that it be expanded.
As the cost of living in large cities increases, so does the cost of parking space. Because it adds so much to the cost of building houses, adding parking spaces increases the cost of renting and selling houses, making them unaffordable.
In fact, without adequate off-street parking, housing prices would be much higher and streets would be full of parked cars. A study like this may help inform policy and development in neighborhoods with high demand for housing.
Reduces pollution
Residential developments with off-street parking must meet certain standards. These standards are intended to improve the aesthetics of vehicular use areas and property adjacent to public rights of way. They include landscaping to reduce air, noise, and visual pollution.
Additionally, these standards may reduce the amount of construction material needed to construct the property. Those who are interested in the environmental benefits of off-street parking should contact the city office in their area for more information.
