Parking Anxiety

Q: "I have been looking to buy a place near the center of Provincetown. I do not have a car and don’t need parking. If I buy a place without parking, will that hurt me down the road when I go to sell?"

A: Many properties in Provincetown don’t have parking, particularly properties on the water and close to the denser downtown area. Many people, like you, do not have cars. If they come from Boston, they take the ferry, Cape Air or the bus. As you clearly realize, one can get along fine in Provincetown with a bicycle instead of a car.

If you are planning to rent your unit, parking does come in handy for tenants and it is an amenity that helps to attract renters. One option is to rent a space nearby on a seasonal basis and leave instructions and a parking pass in your unit for the renters. That way, you can compete with other rental properties that provide parking. Another option is to market your unit to people who don’t have cars. There are certainly a great number of tourists who come to town without cars.

How will your re-sale value be impacted if you don’t have parking? A parking space in Provincetown is worth about $20,000, give or take. The lack of parking will be figured into the re-sale price. Keep in mind that there will always be a buyer who is not concerned about the lack of parking.