Is the garage a safe place to park your vehicle?
Only those who do not have access to a private garage near their residence can appreciate the great value of such a facility. A garage, whether owned or rented, can be a convenient convenience for city dwellers, but it can also be put to other uses, such as housing extra storage space. Investors are drawn to the industry due to its high profitability and low management complexity.
Parking spot in a city
Having the option to buy or rent a garage or storage unit is a welcome amenity in urban areas where parking is limited and expensive. Street parking can be a hassle in some areas, and wasting 15 minutes every night searching for a spot can get old fast. Parking tickets have a habit of disappearing under the windshield wipers in these areas. Another reason to buy or rent a garage is to protect one's vehicle from the possibility of being broken into or vandalized.
One more reason to own or lease a garage is to protect your vehicle from vandalism and theft.
“Spending 15 minutes a night driving around aimlessly in search of a parking spot can get old fast”.
Parking space options: buy or lease
Garages are highly desirable in older communities because they date back to a time when personal automobile ownership was still a novelty. In these areas, the cost of buying or renting a garage is proportional to the parking difficulties residents face. Buying a garage appears to be the most convenient and financially rewarding option if you intend to remain in the area for an extended period of time. The risks of depreciation of your investment are minimal unless society undergoes a dramatic shift and the automobile is abolished in the city. However, renting seems like a better option if you need to relocate quickly.
“The parking issues in these areas directly affect the cost of buying or renting a garage”.
One option for stowing away items is the garage
In recent years, storage facilities have sprung up on the outskirts of cities as a solution to the housing crisis. Many people, realizing that garages can serve as additional storage space, opt to lease such spaces for their surplus belongings. There are benefits to this solution, but a garage isn't always an adequate substitute. Forget about using it to store anything that could be damaged by exposure to moisture, as it lacks heating. Nonetheless, if you need somewhere to keep your windsurfing or camping gear, a garage is clearly not the best option. Garage rentals are typically more cost-effective than storage space rentals, but only if the rent is proportional to the garage's storage capacity.
“The solution has its advantages, but a garage isn't always suitable as a bedroom”.
A potentially lucrative rental property: the garage
Garages and storage units are inexpensive to buy, have high rental demand, fetch high rents, and require little in the way of upkeep. Due to its unique characteristics, this investment property is highly appealing as a rental. Since the cost to acquire the property is lower than that of a typical apartment, novice investors can also participate in this market. They need to look for garages in high-traffic, low-parking areas. Large vehicles, such as 4x4s, are becoming more common in the city, but it can be difficult to find parking spots that are big enough to accommodate them. This is why garages and boxes with ample surface and height are preferred.
“Garages and storage lockers are inexpensive to purchase, there is high demand from renters, rental rates are high, and upkeep is minimal”.