Just pay cash for it.

Or do you mean can the buyer of the house roll both into the mortgage? Hmmm. Maybe.

Not sure, but here, home sellers that are on the lake have boat slips that are deeded to the home and can not be sold separately.

A parking lot can be very expensive in NYC, Boston....... http://www.nytimes.com/2007/07/12/us/12parking.html

Check with your bank, maybe you can borrow a mortgage for a separate deeded parking lot.

https://www.trulia.com/voices/Home_Buying/Purchasing_a_parking_spot_as_an_investment_-117125

This particular lot has spots that can be bought and sold independently. They have a spot in a different lot deeded with the house.

They are willing to, and can sell the spot behind my house separately.

It might depend on where you live. I maintain a home equity line of credit so that I can deal with big ticket items like this. I can deduct the interest on my taxes and I don't need to spend time trying to get a bank to finance something they may or may not choose to finance.

jn, here essentially you are mortgaging the spot if there is one deeded with the house. It can add anywhere from $50K to $75K to the asking price of a house compared to an identical neighboring house with no spot.

The people across the street sold their spot separately from the house because they were separate deeds.

The HELOC is a good idea. I have been doing my projects on a cash basis but for an investment it could be worth it.

In my area, parking spots can be bought with a mortgage, just like a lot.

All depends on the locale.

I specialize in hard-to-place, short-term and secondary mortgages. And I've never heard of this in the Toronto GTA, unless the spot is attached to a sale of a condo unit in the same complex.

Banks were scammed on this ten years ago and they have long memories.

Plus the Millennial disenchantment with private cars and downtown living doesn't guarantee quick resale. The last thing I want as a lender is to get possession and not be able to quickly re-sell without a loss.

Pal, every time you post about your neighborhood, it seems like a fresh new he’ll from a dystopian future. I’m pretty sure we’re pretty close together, but you sure know how to make me love the ‘burbs, where I look at my forested acres and wake to birdsong. Lol.

I have no idea, and I hope to be able to live my whole life in ignorance.

It doesn’t matter if I were half a mile from a grocery store large enough to do ALL my shopping. (I was almost exactly a mile away as a kid, actually)—I can’t carry a week’s worth of food for eight people. Not even in a cart. That’s 6 gallons of milk alone. And shopping daily? Please, shoot me. I don’t have that time!

There is no place in the country where I could be within walking distance of good music lessons, extracurriculars, AND my full grocery needs—and a community college and a university for the kids, since I homeschool and don’t care about K-12. (My kids partly do public transportation for college now until they can drive, but that still involves a lot of me rescuing them from late buses. But we keep being told how GREAT the system is. HAHAHA!!!)

Being in the suburbs saves me so much time. My urban friends spend as much (or more) time commuting as my husband does—because they get a better job across town, get promoted to a new site, etc., and though the mileage is less, the traffic or the public transportation is so much slower. Then there’s the kids’ extracurriculars, and the fact that they have to be driven or escorted on public transportation to play with friends. I went with a kid on a play date yesterday only because the family was new to the neighborhood. In the city, mosy people with our incomes MUST have a fulltime nanny/housekeeper with even 2 kids to make everything work. Those with lower incomes move or someone quits or goes part time to stay in the city. One of my friends is a single mom of one kid, and even though she’s well off (5% income for her alone) and she splits custody, with her high-authority job and her daughter’s competitive skating, she’s running on 5 hours of sleep a night—and living in a ONE bedroom condo, with her sleeping in the divided living room. Ugh.

If I didn’t absolutely HATE living with the noises of other households, and love gardening, and love the woods...lol...I would really enjoy city living as a single person or a couple. As a mom with kids plus in-laws and parents who often visit, I would have had a massive breakdown already!

I think we’re just that different—the Icelandic poppy and the tropical fuchsia!

We have a funny mix in our neighborhood. Many families. A lot of pro-socialist treehuggers who want to commune with nature. A lot of antiestablishment libertarians who hate HOAs. A nudist couple (with a great fence—very nice people, very glad of fence). Many, many small business owners. Car collectors—at least 3 of those. Immigrants with construction skills who get a house that’s never been upgraded and pack three families and grandma in it and remodel it top to bottom and enclose the garage and build a new one (2 different families like this went from obvious employees to obvious contractors within 5 years). Retirees who like the idea of acreage but the convenience of the suburbs and are willing to settle for an enormous veggie or flower garden. Hardcore woodworkers. Military officers who have saved up a lot and are getting out with good job offers. Lots of reasons to be out here! :)

Milly Rey. GREAT Post!

This popped up with a "like" in my Notifications so I thought I would give an update.

The closer parking spot (right behind the house but I am not sure there is direct access) is being sold with the house.

The second spot, the one that I was looking at because of its nearness to my house, is being marketed separately. It's secure but not covered and it is two blocks from the house it currently "belongs" to. It's being offered at $65,000 to the waiting list of some dozen or so people, and will go as a cash sale. It may not net $65K but that's the starting price. The last spot that was sold was to someone who was waiting for 14 years. (they had turned down some spots at some prices in that 14 year period).