Packaging Parking Space & Primary Residence

[Alexander Friedman]

Hi everyone - 

My husband and I currently own several investment properties throughout Massachusetts. Our primary residence is a single-family home in Boston, and comes with no dedicated parking. 

We have the opportunity to purchase a deeded parking space ("grant of exclusive right and easement") from a condo association on our block; it is about 3 doors down from our primary residence. 

The main hope of purchasing this parking space would be to roll/package the parking space into the value of our primary residence, such that it would be considered as part of the property during future appraisals (for refinance, HELOAN, etc). I'm not sure that we'd be able to pull equity from the parking space if it remained separate from the residence. 

We've spoken a bit with our lawyer, who told us that we could reference the parking space on the home's deed, and vice versa, but we're still not clear on how the two could be packaged together in terms of combining equity. Maybe just referencing one-another would suffice for lenders/appraisers? 

In Boston, I know there are limitations on consolidating real estate parcels if one is classified as "condo parking". But I think that might just be as it relates to property tax. 

Anyway - this all feels like a bit of a gray area to me, and wondering if others have insight or experience in this realm. 

Thank you!