Garages For Sale
Investing in a garage is a good way to get started with property investment. Buying a garage does not require as much investment as other premesis or other areas where you may invest. As it requires less investment, it has less financial risk but gives experience which can be beneficial when investing in higher value premesis. If you invest in a garage, you can rent it out for additional storage or parking, with little limitations, which can offer small income.
If you are looking to gain investment experience. Or if you would like to invest without putting too much financial investment a garage for sale might be the oppotunity you are looking for. They are low maintenance, as they do not have all the facilities or responsiblities of homes, offices, or other properties you may invest in. So require less money and effort but can be a good way to get started with property investment.
If you are based outside of London you can get a garage for on average £3,000. If you live in expensive areas or in Londond the price will be higher. This mean you will need to invest more but the return will be higher.
A similar investment may be a basement in a building or spare attic space. However, this will come with further responsibilities. As these are part of a property you will have terms on the rest of the property which you wont have with a stand alone garage. Also, you will need to look in to different insurance options. And accessibility for the tenant or customers, it will be less convenient if they have a shared entrance.
If you currently own or rent a home and are looking to rent out a room, you might purchase a garage to store contents in to make more free space. This could be cheaper than paying for commercial storage.
Renting out garages is popular in commuting areas such as near train stations. Commuters who drive to the train station may be looking for a reliable place to park their car so a renting a garage may be beneficial to those. Similarly, those who commute to overcrowded areas, such as cities where there is limited parking, they may also find renting a garage beneficial. If you own a garage on the side of your house you may look in to renting it out during working hours. You might be able to come to an agreement where you can share the garage with a commuter where they can park their car during the day and you park during the night. A garage may also be an alternative to commercial storage. If somebody needs extra space near by and there isn't commercial storage available you might be what they are looking for.
The cost of renting a garage depends on the location, size, accesibility and other factors. Generally, income from a parking space can be up to £1000 per year. Renting a private garage in London can generate £200 each month.
What to factor when investing in a garage.
If you are looking to invest in a garage a good place to start is with the following:
Check out local newspapers. See what businesses there currently are in the area and if there would be a need for extra garage space.
View garages for sale in person. Visit the garages which are currently available. Determin what they would be suitable for, would somebody be able to use it to leave their vehicle or would it be used as storage and if any work would need doing. Make yourself familiar with the area and try to identify demand. Identify how the state of garages will impact how much you could rent them for.
Talk to local businesses, find out if they need parking space or storage space.
Research real estate forums or events. Talk to other investors, find out if it is something you would like to get involved in.
Identify future development place, look in newspapers or contact your council. How will development affect transportation, accomodation or local amenities which will have an impact on demand.
If you are looking to but a garage in an expensive area, you may be able to get a mortgage. It is unlikely you will get a mortgage off of a traditional lender, however it is a possibility and more likely with private lenders. For a cheaper garage, you may be able to get a small loan, but besure it is something you want to take a loan out over. You will need to repay the loan so you will need to ensure you will have enough money to pay the loan back. This may help you develop your credit rating and likely hood of getting a loan or mortgage when looking to fo further investments. However, if you miss payments it may reduce your credit rating, have a negative impact on your future finances, and make it more difficult to get a loan or mortgage in the future.