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Tuesday, September 20, 2011

Garage gold mine

Well it's been an interesting contrast in fortunes over several properties I'm currently trying to let.

One a 2 bed flat. Reasonably priced and in a good spot.

The other a double garage in exactly the same leafy suburban location.

To date I've had a couple of tentative enquiries about my flat and one viewing. Hardly a swarm of prospective tenants. In contrast from a single free advert in Gumtree I've been inundated with offers to rent my double garage with requirements ranging from storing a classic Ford Capri to somebody who wanted to use it to store equipment for a fledgling landscaping business. I even had one girl who appeared to be about to be evicted from a house boat and needed somewhere urgently to put her stuff.

I'm always wary about desperate tenants. Just like prospective tenants for my residential properties; I'd rather have stable and organised people. I have also shied away from people that are potentially moving house and want somewhere to unload their possession for a 'temporary' period. What happens if they suddenly decide that there 10 year old sofa isn't really worth lugging up to Scotland? You are left with it and they just simply stop paying rent. It's then your problem to get rid of it.

Parking opportunities

I've written before about the additional income that landlords can potentially earn from letting a garage or even a parking space. It makes me think that rather than buying or developing new buy to lets I should concentrate on investing in a block of garages or even building a few more in the extensive garden area I own.

Looks at the moment like garages not buy-to-lets are golden.

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