If you're thinking about buying your way into the world of commercial property investment, you likely have a lot of options that could end up providing a serious return on investment. One avenue you might not have considered, but which will almost certainly be a straightforward first property, is a car park.
Think about it: Whether you would be providing temporary access to a space – that is, charging an hourly or daily rate – or a more permanent option for drivers who live or work in a given area, there's likely to be some significant demand for that space, according to Real Commercial. Moreover, many of these investment opportunities are scalable, built to fit any investment budget.
In some cases, you may be able to buy even a single space as a good investment opportunity, but in others you may be able to buy full lots or even parking garages if you have more money to spend.
As with anything else in real estate, the first three things you should consider are "location, location, location."
If you're trying to buy a car park well outside the city core and not particularly close to public transit, you're not likely to find as much demand. But as you get closer to urbanised areas, where parking options become limited, even a single space could net you a solid return on your investment.
It's also a good idea to consider the relative cost of managing a car park compared to, say, a small real estate space, according to Money magazine. Especially if you just own a lot, instead of a full garage, there probably won't be too much upkeep or costs apart from paying property taxes and so on.
In some cases, the investment in a car park can be considered almost "set it and forget it," providing income with little need for oversight on an ongoing basis.
No matter what kind of commercial property you're thinking about to start your portfolio, it's important to have some expert advice as you go through the process. By working with the experts at Ray White Surfers Paradise, you will have access to all the guidance you need to make the right decision at every step of the process. Get in touch with us today to learn more about how we can help you.