Garages are often an overlooked investment opportunity for most. Typically they are the last place most people would look for something valuable. The humble lockup garage offers surprising investment benefits for the right reasons. Take a look at this short guide to garages for sale in the Isle of Wight.
Garages are by definition utility spaces which often are adjoining to residential or commercial premises. For most, if an item is old or is found redundant in the home or office, it finds itself being thrown in the miscellaneous pile in the garage.
Primarily intended for vehicle storage, garages are by nature dirty, dusty, cold, and sometimes damp storage facilities. They are not without needing a little TLC for making them suitable for other more presentable purposes.
With spare space at an all time premium as the housing market experiences increased prices, garages are able to hold their rental prices, which makes buying them a decent investment prospect.
Many start-up businesses, tradesmen or hire companies will need a lock-up to keep their kit and a garage can be a cost effective solution. This is where is your unattractive garage could very quickly find it’s profitable niche.
Tips for choosing the ideal garage for sale
Leasehold garages are governed by the freehold terms and conditions. Length of lease will affect valuation as well as general condition of the fabric of the building. These are points of consideration for what price you eventually settle on.
Parking is to be considered in making your choice. If it is to be used as a utility space, vehicular approach and access will therefore be worth thinking about. Many lock-ups are built around blocks of flats with poor parking control, making access to the garage difficult to say the least, and at times that are least convenient.
Location must be convenient. If completely ‘out-of-the-way’ they can cause more inconvenience than grant benefit. Off major roads where turning in and out is stressful, but on quiet side roads, yet in the midst of the action will be ideal for getting in and out of your garage in peak times.
Size of garage needs thought. Whatever your prospective use, consider carefully how much space you or your tenant will need. You want to make it comfortable and well prescribed. Too much and you’ll be paying for space which you don’t make use of; too little space and you’ll be squeezing stuff in unnecessarily.
Security should be considered. The neighbourhood, other users and the locks and doors of your prospective units must stand up to scrutiny. Whatever your use, your garage will be a place where you or your tenant will want to store some items for use another day. Making sure it’s all under a safe roof is of course essential.
Price is critical. Especially from a valuation point of view. You want to make sure with every investment decision that you are not paying over the odds as this will impact your return on investment over the long term. As you’ll be sinking in a considerable capital sum investment in a purchase like this it is important to make sure the opportunity cost of doing so will not sting you in regrets post transfer.
Purpose for buying a garage and keeping it in good shape for your use
A variety of uses for Isle of Wight garage investments:
- …standard use for most lock-up garages is storage. Keeping stuff safe and out of the way until you need it again another day. Storage should be made clean, clear and organised though, especially if it is for commercial purposes like running an equipment hire business, for example. Making sure the kit doesn’t suffer corrosion from damp or mildew, neither staining from dust or dirt is important.
- …a space for practical tools and design capability to combine in the most impressive fashion could await your new garage investment. You’ll need to make sure the terms of tenancy include use of power tools for example, but if this isn’t a problem it’s a great choice.
- …a garage is an ideal place to pump iron should you not fancy the long term cost of gym membership nor the exposure to other members of the public whilst being prone under physical stress of high impact exercise. Why not choose a discrete garage set up?
How do you make your garage space more of a custom fit for your ideal purpose?
Taking a look a garages for sale in Isle of Wight should be done with a vivid imagination at the ready.
Whilst the cold, dark and sometimes dank interior of the garage might leave much to be appreciated, it only takes a little extra effort for the prospect to be entirely different.
Interior decor touches like covering the walls with tiling, or paper and paints along with floors with cassette flooring can make effectively a concrete block much more habitable.
To maintain your stock in good nick, it’s worth controlling damp with a dehumidifier and ventilation. Also, shelving for keeping items from having direct contact with the floor surface.
Custom lighting will make a big difference to the ambience of the garage space. Installing good electrics and well placed light fixtures and fittings can really turn around an otherwise uninviting garage space.