Lock up garages are fast becoming huge ‘rental investments’ and as the old saying goes, ‘one man’s trash is another man’s treasure’; and even the most unattractive and seemingly useless garages are now leading to money and profit.
Lock up garages may not be the most appealing of properties; however, they can prove to be great investment and versatile-use opportunities, providing fantastic storage, parking, home extension or even workshop options to suit any renter.
In the UK alone, lock up garages of recent years have boomed in selling price, and find themselves in many an auction room. Although on first appearance they may not get the interior design interest; they are actually the ideal property ladder investment due to their versatility and compared to a house, cheap price tag.
What’s the appeal?
Firstly, lock up garages are possibly one of the lowest maintenance properties on the current market. They do not require regular modernising, decorating and will not cause heating or boiler-breakdown problems due to their standard build.
In recent articles, two lock up garages in the city centre of Edinburgh have in fact sold for price tags of £50,000! For the full article please visit the Edinburgh News website. This may seem relatively cheap in comparison to the garage in London that went for a whopping £550,000 and sold for triple the asking price – but when you consider you can buy a two-bed house in Muirhouse for £40,000 – it seems a little crazy!
The most expensive garage to have ever sold in the UK cost an unbelievable £1.25m and was a run-down 3-part garage block situated in the fashionable area of Primrose Hill, North London. The shocking truth was that the 224 square metre garage had the same asking price as a five-bedroom detached house in Cheshire.
Here are a few things you could buy instead…
· A car
· A Speedboat
· A flat
· A round-the-world holiday
As stated above, lock up garages are the ideal property investment. However, if you are cannot afford the current prices to buy your own, why not rent one? You will still receive the same great benefits at a fraction of the purchase price.
Here at Lock Up Garages, we offer affordable and fantastically located garage options to suit all needs and purposes. Our huge catalogue of garages includes all small and large garage rental options situated all over London, so we are confident that there is the ideal garage near you! For further information please feel free to get in contact with our friendly and helpful team on 020 8882 8575 today!