Whether it’s a community of detached houses or a high rise condo, many HOAs provide their residents with parking spots. In some cases, the residents own them, and in other cases, the association simply allows residents to use them. However, not everyone needs a parking spot, so is it possible to sell or rent an HOA parking spot?
Can HOA Residents Sell Their Parking Spot?
Whether or not residents have the right to sell their parking spot depends on many factors. First, who owns the parking spot? If the HOA is a community of detached single-family houses, the resident probably owns the parking spot. However, if it is a condominium, the resident might use the spot, but the condominium might own it.
In any situation, the resident may or may not be able to rent or sell the spot. If the HOA owns the parking spot, they may allow it to transfer, but they’ll want to protect future owners. If the resident owns the parking spot, the governing documents may still prohibit selling or renting.
Why Do Some Residents Sell Their Parking Spot?
The number one reason a resident would sell their parking spot is for monetary gain. Selling a parking spot gives them one lump sum, while renting gives them additional money each month. This is particularly appealing for residents who don’t own cars. For example, many residents of high-rise buildings may simply use public transportation to get around, so they may not need the use of their community association parking spot.
Are there Terms to Rent or Sell?
If the homeowner owns the parking spot and there is nothing in the governing documents about selling or renting the parking spot, the terms are up to the two parties involved. However, it is always a good idea to double-check with the HOA. If the HOA owns the parking spot, the resident will need to speak with the board to find out the terms. Last, if the resident owns the parking spot, but there is language regarding selling/renting parking spots in the governing documents, they’ll need to go by the terms set forth in the documents. Again, it is a good idea to speak with a board member for clarification and assistance.
The ability to sell or rent a parking spot depends on who owns the spot and what the governing documents say. Remember to always check with the board, however, before selling or renting a parking spot to prevent future problems.