Property, lockup garage, to buy or rent.
Discussion
I need more garage space for car and parts storage - long term, say 10 years.
Traditional way of course would be to rent a garage locally for say (at a guess) £20 a week ?
Doesn't sound a lot but still 1K a year of "dead" money.
With property the way it is I am thinking I could possibly buy a garage freehold or leasehold for say (another guess) £10,000 ?
Which would imply that over 10 years it would be a much better deal, £500 a year lost interest on the money against retained or even increased capital value.
But what are the costs of owning a lockup garage (detached or in a block) the other side of town ?
Property maintenance I can work out but I guess you need buildings insurance ? What else do you pay - I assume not rates as it's not business and domestic stuff is covered by council tax which can't apply because nobody is living in it ?
Any experience or advice on this please !
DH
Traditional way of course would be to rent a garage locally for say (at a guess) £20 a week ?
Doesn't sound a lot but still 1K a year of "dead" money.
With property the way it is I am thinking I could possibly buy a garage freehold or leasehold for say (another guess) £10,000 ?
Which would imply that over 10 years it would be a much better deal, £500 a year lost interest on the money against retained or even increased capital value.
But what are the costs of owning a lockup garage (detached or in a block) the other side of town ?
Property maintenance I can work out but I guess you need buildings insurance ? What else do you pay - I assume not rates as it's not business and domestic stuff is covered by council tax which can't apply because nobody is living in it ?
Any experience or advice on this please !
DH
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