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Lock ups?
damo101
Posts: 270 Forumite
Hi,
can anyone recommend a site that has info on buying lock ups (ideally in Scotland). Considering it as a BTL - anyone done this or have any advice?
TIA,
Damo
can anyone recommend a site that has info on buying lock ups (ideally in Scotland). Considering it as a BTL - anyone done this or have any advice?
TIA,
Damo
0
Comments
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I've thought about this.
The things to consider is demand for storage in the area, how much you can rent the storage for and your costs (loan repayments, insurance, maintence etc).
The tricky part may be getting a mortgage because i doubt a normal BTL mortgage would cover it. You will probably need a commercial loan and you will need a much higher deposit.
If you plan to buy it all outright then i would make sure you are making at least around a 7% return after ALL costs to make it worthwhile as the money might be better left sitting in a bank.0
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