Buying a plot for the construction of garages - is it profitable?
More and more people are choosing to rent a facility where they can park their car conveniently and safely. The garage protects the car from adverse weather conditions and reduces the risk of property theft. Therefore, renting a garage space will be an interesting business idea.
Garage rental income
Having free cash, you should think about what to invest in in order to be able to increase capital. There are many options, many decide to buy a house or plot. You can rent not only apartments, but also garages. This is an interesting way to generate passive income.
You can make good money renting a garage space, especially if you pick a good one. Depending on the layout of the plots, more or less objects can be placed on it. In the case of a narrow and long one, unfortunately, we have to limit ourselves to placing garages in one row. It is also important to familiarize yourself with building codes before starting construction in order to protect yourself from problems in the near future.
Things to Keep in Mind
It is necessary to provide convenient entry and exit from garages. On a plot of ten acres, it is already possible to build a dozen garages. Investments in metal garages are the most profitable, quickly and easily rented out, the same goes for dismantling and moving to another place. If you're creating multiple players, you'll need to get permission first.
High demand for garage space concerns residential complexes. If someone chooses a lump sum, you don't even need to run your own business to pay taxes on rental income. It is worth buying a plot near the city center, next to a large apartment building, i.е. in a location with an ever-increasing demand for parking spaces.
What to look for when buying a plot
Buying a land plot is a very responsible decision and involves significant costs. When choosing it, a number of important points should be taken into account. Plot checking is a tedious and time consuming task if one wants to be precise. Many defects can be overlooked on your own, it is easy to overlook something, which, unfortunately, often results in unpleasant surprises in the near future. You need to check the legal status of the site, make sure that all the necessary things are done in a timely manner. There is a need to carefully read the entries in the land-mortgage book. It also contains information about the legal owner of the site.
It happens that it is not possible to view the land and mortgage book, because it has not yet been created. In this case, it is necessary to present a certificate of ownership, or to redeem the land. Every potential investor should check the local spatial development plan. It may turn out that it will not work to build a specific object in a given territory. What matters is its shape, connection with the access road, connected media.
Comprehensive inspection of the site should be entrusted to a specialist
It is worth entrusting an in-depth inspection of the site to an engineer who will conduct a comprehensive audit. Thus, you can avoid lost investments and many problems. A report prepared by a specialist will contain all the necessary information, including the topography and geometry of the area, possible threats, troubles, site defects, permits, loads, restrictions.
An audit will clearly show whether a given site is suitable for a specific construction project. The engineer will check the consistency of the data on the land plot between the land and mortgage registry and the land registry. It will not miss any restrictions imposed by the zoning plan. He will even check the alarming building permits issued in the immediate vicinity of the site.
