Should I invest money in garages?
You are thinking of investing in property, but you have no idea which. The obvious choices for you are buying a flat or even a house. But have you thought of investing in a garage?
Buying a garage actually unlocks many opportunities for you and doesn’t require a whole lot of investments. If you happen to have a few thousand on you, a garage is a perfect way to make your money’s worth. Although an apartment is probably a better option, it requires more money to buy.
But what can you do with a garage?
You can rent it out as a storage unit or rent it for car parking! There are probably the basics but there are a ton more options to consider.
Let’s discuss the matter more and see what you think about it.
How Much Does a Garage Cost?
First of all, it costs a lot less than a flat. Secondly, it all depends on the area where you live and where you want to buy a garage.
The price revolves around some £3,000 but may go up if it is in a prominent area of London. It all depends on how much you are willing to invest in it.
You can even buy an old one, redo it a little bit and hire a removal company to take care of the stored things in the garage and use it later. The investment will be more than worth it as you will see the fruits of your labor flourish.
How to Make Money with a Garage?
Making money with property is easy, especially with a garage. There are few opportunities available to you.
Rent it as General Storage
Many people are looking for general storage. Whether they are companies or just regular people, there is always a need to space to store physical things. Even though we live in a digital world where everything is in the cloud or on some server, you can appreciate the fact that there is still a need for places like this.
As an owner you can rent out a garage for storage and let them use it for storing anything they need.
Rent as Car Storage
The general purpose of a garage is parking your car. So it is rather obvious that one of uses could be renting it out as a place for people to park their cars.
Many people that live in the city and have no place to safely put away their vehicles are looking for this kinds of opportunities. However, it is also good to have one close to a train station or a similar place as people can tuck away their cars while going on a trip.
The investment may be high, but you will see it come back to you in a few years’ time. You can rent it out for about £200 a month and earn a cool £1,000 per year. But, it also depends on the location you are leasing it out from.
Create Free Space for Other Ventures
A garage can be valuable for you storing your things from a specific area in order to rent out that area. For instance, you have a spare room that want to lease out as a home stay. But you have a lot of extra things that are cluttering the place. You want to make it nice for the visitors but you don’t have a place to put all the excess things. This is where your garage really comes in handy.
Just put everything there while you deal with the place that you are supposed to make money of. Lots of people are actually doing it and in a city like London there is a great need for short term stays as there are lots of visitors coming from abroad.
If you are serious about this and like the idea of investing your money in a garage, start scanning the local newspapers and advertisements. There are many of them all over and you can find a suitable and a cheap one to start your new business venture.