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Buying a Garage in London
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skywalker83
Posts: 405 Forumite
Hi, I was thinking of buying a garage (cash purchase) and renting it out in London (Zone 1). Do you think it is a good investment opportunity? Or is it better to put that money as a deposit and buy a flat instead? Please suggest as I am a first time buyer? Thank you so much.
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Comments
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Sigh!
Well, depends on price, location, rental-return,...what your income is, how much deposit you have, what price-range flat you would look at...
Gissa hint..
I take it you mean a garage-to-park-one-car-in not a garage-selling-cars-servicing-and-petrol???
Cheers!
Lodger0 -
Yeah! Sorry I was unclear. I meant oen garage to park one car. It should cost me about 50K and it shud give me rent of about £40pw0
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assuming no voids, its about 4.1% return on investment.
will you have any overheads? maintenance or anything? i know its just a garage, but you never know...0 -
There are always a lot of these on rightmove at any one time so I wonder about how strong the market is atm - although it may get better if you're in chelsea when the C-charge extension disappears...0
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Here's one under Harrods I think:
http://www.rightmove.co.uk/property-to-rent/property-10720512.html?locationIdentifier=REGION^91989&maxBedrooms=1&maxPrice=400&radius=3.0&pageNumber=3&backToListURL=/property-to-rent/find.html?locationIdentifier=REGION%5E91989&maxBedrooms=1&maxPrice=400&radius=3.0&index=20
Wow £65 a week!!!0
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