Are parking spaces and garages a good Buy to Let investment ?Make Text Bigger
I am interested in investing in parking spaces and garages as I have been told by my solicitor that one of her friend is making a good living of renting out parking spaces and garages.
I tried to research the web on the subject but it is very limited and I was wondering if anybody had any experiences with this kind of buy to let investment.
I am looking to buy garages in London, especially in south west London as I am living in this area.
Cost of purchase ( around 10-25 k )
Likely rental income ( £70 a month for the 10k gararge , around £100 -120 a month for a 20k garage)
I want to buy them cash and possibly mortgage them afterwards.
One thing I really would like to ask the members of your site is how easy or difficult are they to rent?
I would be interested to know:
– How many weeks of void periods you can expect in a year
– The average yield
– Where would you recommend to market your property: gumtree, local newspapers or estate agents
– How much service charges you can expect on an underground parking place
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