Are parking spaces and garages a good Buy to Let investment ?
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
Many thanks
Jean-Charles
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Member Since February 2011 - Comments: 3454 - Articles: 286
10:39 AM, 7th January 2015, About 11 years ago
Interesting:
10k garage gross yield = 8.4%
20k garage gross yield = 6% – 7.2%
I am guessing future finance will be more difficult and expensive.
Member Since January 2015 - Comments: 6
11:49 AM, 8th January 2015, About 11 years ago
I am looking at investing to garages as well and was planning to seek advice from this forum.
I looked at West London such as areas Hillingdon, Harrow, West Drayton, etc. The yeild are good, they are low maintenances. However, void could be an issue and finding tenant is not easy. I will interested to see response from an experience investor.
I believe Gumtree is better than newspaper. I haven’t yet researched on estate agents.
Member Since October 2013 - Comments: 248
2:27 PM, 8th January 2015, About 11 years ago
Have you looked at the JustPark website. Although it’s geared more towards short term letting, it may help you assess demand.
Member Since September 2014 - Comments: 11
3:55 PM, 3rd July 2016, About 10 years ago
Hi how has the rental of the garages gone since posting on the forum ?