House Value: Parking Space or Private Yard?

[DarnDirtyApe]

Here's a question: which adds more value to a house, a private back yard or a parking space? I live in a typical Danforth Village semi with a mutual driveway running between our house and the neighbour's house. The neighbour has no car so we currently park at the front of the house, but we're fixing up the back yard and wondering what to do in terms of the layout.

We have the option to leave the space at the rear open to allow for parking (it will be part of a large patio on our side, with parking used only if we ever want to sell the house or if the neighbour sells to someone with a car) or we can put in a fence that makes our yard fully private but eliminates the option to park there. Using part of the back yard for parking is uglier and the lack of a full fence takes away some privacy (our neighbour might be gardening while we are sitting outside) and a fence is good for those with young kids or dogs, but everyone likes a parking space especially since street parking can be hard to find.

What do you think is typically more valuable?

Here's a very rough sketch. The brown fence down the middle doesn't exist, that's what I'm wondering about. The driveway has to be kept open because there is an easement running 60 feet back from the street.

 

[James]

As you know, value is fairly subjective, so having a parking spot might be worth more to one individual than another. In my opinion, from both a personal and investment perspective, I would opt to have a designated area that can operate as a legal parking spot versus not having a parking spot at all, even at the expense of some backyard space.

 

[Dandy Horse]

I would say outdoor space in an urban setting is at more or a premium than parking. this is why: If you want, you can buy an on street parking spot for peanuts from the city. You cant do the same with privacy or with private green space.

 

[DarnDirtyApe]

My concern is that even though it's a relatively "urban" area, most buyers are looking to start a family and already own one car. It can also be hard to get a street spot, as we end up parking in the driveway more than half of the time.

I wonder if some people will not even look at a house with no parking...

 

[rbt]

My concern is that even though it's a relatively "urban" area, most buyers are looking to start a family and already own one car. It can also be hard to get a street spot, as we end up parking in the driveway more than half of the time.

I wonder if some people will not even look at a house with no parking...

Some wont but some people won't consider a house without a bit of private greenspace either.

If I was looking at urban locations (5 minute walk to subway, 10 minute walk to a reasonable grocery store) then I would be more interested in the greenspace. I don't think my wife would consider a house which didn't have a bit of space for a garden. Certainly don't need a lawn though.


Perhaps you could lay down a brick patio with a sufficient base that it can be used as a parking space too? If they want parking, they use it as parking. If they want a patio, they use it as a patio.

 

[Hank]

Perhaps you could lay down a brick patio with a sufficient base that it can be used as a parking space too? If they want parking, they use it as parking. If they want a patio, they use it as a patio.

Exactly what I was going to suggest. Our entire back yard is bricks and could theoretically be used as a parking spot if we needed it, but we currently use it as a patio and it looks fine. Some potted plants or other greenery and a patio set can make a brick patio look great; you definitely don't need a lawn.

 

[DarnDirtyApe]

That was exactly our plan, I've just been second guessing myself a bit because of concerns that the "semi-private" space shared by the two houses might be a turn-off. One of my other neighbours enclosed his yard recently and I like the idea aesthetically, but taking out the option for future parking just seems like a waste.

We already have plenty of greenery, no worries on that front!

 

[metroTO]

I would fence the backyard with a gated opening that is large enough for a car. A covered carport would also double as a covered patio or BBQ space if you don't need it for parking.
Having off-street parking is a rarity in most parts of the city and will definitely add value, and having a fully fenced backyard is great if you have dogs or kids and provides privacy.

 

[James]

An interesting situation in Calgary...

Article: http://metronews.ca/news/calgary/11...calgary-as-residents-pave-entire-front-lawns/

While it's not exactly replacing a private yard, it still touches on some of the points discussed in this thread. One can obviously conclude what is more important to these residences; parking vs. yard space. To be honest, while I can certainly understand the reasons, I think this situation in Calgary is going just a little too far.

 

[W. K. Lis]

An interesting situation in Calgary...



Article: http://metronews.ca/news/calgary/11...calgary-as-residents-pave-entire-front-lawns/

While it's not exactly replacing a private yard, it still touches on some of the points discussed in this thread. One can obviously conclude what is more important to these residences; parking vs. yard space. To be honest, while I can certainly understand the reasons, I think this situation in Calgary is going just a little too far.

I can imagine the street flooding from a downpour. There is nowhere for the rainwater to be adsorbed, except to flow to the lowest point.