Owning a private parking close to one’s house is an appreciable privilege, which only those who do not benefit from this privilege can really measure. Buying or renting a parking space can spare a lot of trouble to the urban dweller, and it can also be adapted to some other needs, becoming, for instance a storage space. That is why a lot investors are interested by garages, attracted by their high return on investment and easy management.
A garage in town
In town, in areas where parking is regulated and paid for, buying or renting a garage or a parking place is an appreciable privilege. In some neighbourhoods, it is getting really hard to park, and having to drive around for 15 minutes each night before finding a space can become tedious. In such neighbourhoods, fines also surreptitiously tend to multiply under your wipers. And the risk to have your vehicle damaged or trashed is another argument in favour of buying or renting a garage box.
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Buying or renting a garage box
In old neighbourhoods, built when individual cars were still science-fiction, garage boxes are rare and sought-for assets. The selling or rental price of a garage is directly linked to the parking difficulties in the area. If you plan to move in such area for a long time, buying a garage may be the more comfortable and economic solution. Unless society undergoes a radical transformation and bans cars from cities, the risk for your investment to lose value is more than low. On the contrary, if you plan to move quickly from the area, renting seems more flexible and appropriate.
“The selling or rental price of a garage is directly linked to the parking difficulties in the area.”
A garage as a storage solution
Over the few last years, storage facilities have multiplied in the suburbs to answer city dwellers’ need for space. As garages can also be converted into storage spaces, a good number of individuals rent one to store cumbersome stuff. Though this solution presents some advantages, a garage cannot always be an alternative to a storage space. It has no heating system and if you want to store items sensitive to humidity, you would better forget this solution. But if you want to store a windsurf or camping material, it sounds like an appropriate solution. Be as it may, the rental price of a garage considering its storing space is generally more competitive than a storage space.
“Though this solution presents some advantages, a garage cannot always be an alternative to a storage space.”
An interesting rental investment
The purchase price of a garage or a garage box is affordable; demand for rental is strong; rental price is high; maintenance is reduced. All these combined characteristics imply that it is a most interesting rental investment. The purchase price of a garage is relatively low compared to an apartment, so it is affordable for a great number of investors, even for the beginners. It is recommended to look in priority in tense areas where parking is difficult. Garages and garage boxes with a surface and a height allowing big vehicles to park (like SUVs) should be on the top of your list, as the number of such vehicles is increasing in cities and it is getting hard to find boxes big enough.
“The purchase price of a garage or a garage box is affordable; demand for rental is strong; rental price is high; and maintenance is reduced.”