Prices of Garages for Buy or Rent

Investing in a garage is an excellent choice these days, not only for practical and useful reasons but also for other more purely financial reasons. While real estate taxes are known to be quite high, what are the prices of garages for buying or renting them?

Reasons to Buy a Garage

There are several reasons why deciding to buy a garage turns out to be a very convenient choice.

Primarily it yields more than houses and the yield rate increases if the box in question, or garage, is located within a courtyard. It is also subjected to much more affordable taxation than that to which other properties are exposed, such as a simple apartment. So, if you work in an area with heavy traffic, rather than considering a possible move, or renting an apartment closer to the workplace, it proves to be more advantageous to buy a garage. Furthermore, the maintenance costs of a garage will always be lower than those of an apartment.

Easy to Sell

Buying a garage can be doubly fruitful as it can be rented, bringing a considerable profit. This last consideration is especially valid for those who are or come into possession of a box located in the historic centre or in the nightlife areas, where the demand will be strong and continuous.

It is an affordable investment, you can pay for it in cash and, possibly, a bank loan is easy to obtain and has excellent profitability estimated at between 2.5 and 6% of the purchase price.

Turning to practical information, the prices of a garage vary based on various factors, such as the area in which it is located, the location, the city, the size etc.

Deciding to Invest in Garages

In cities like Minnetonka, Minneapolis, St. Paul, St. Louis and Edina the average prices for a garage have been more or less stable since 2016. Boxes in the center can cost, obviously, we are talking about the purchase and not rent, around 40-50 thousand euros. Obviously, the further away you get from the center, the lower the price will be; if you are looking in less central but still convenient areas, for example near metro stations or bus stops, you will be able to find a garage at a more than accessible price where you can leave your car and reach the desired place by public transport in absolute tranquillity and saving money.

What are the Garage Prices?

If, on the other hand, we talk about average rental prices, in Milan prices range from 60 to 180 $, thus demonstrating the fact that every pocket can afford this type of absolutely adequate and profitable expense from all points of view.

Opting for a garage is synonymous with a successful investment, given and considered all the comforts and advantages that are derived from it, the prices to say the least affordable, without forgetting the prospect of a safe and solid form of income. If you choose to buy a garage, first renovate it by a garage renovation contractor then rent it to third parties.