Im thinking of buying a car space in Sydney city as an investment and would therefore rent it out to someone who needs a car spot. Anyone had any experience in this?
Please see previous posts: https://www.propertyinvesting.com/forums/property-investing/help-needed/4326345?highlight=car%2Cparks
Thank you, i did do a search to begin with but nothing came up.
Hi
I think a carpark investment sounds like a great idea. This is one thing I wish I had done years ago. If your spot is in the city area in Sydney then how can you go wrong. Just make sure its in a good position and easily accessible and you can get it for a reasonable price. Thats my view anyway. If you have investments in Property theres no rule that says you can't make money in some other way.
Good Luck
JulesJULES1
Email MeJules, nice to think that you can make money out of CBD parking however when you take into consideration that each parking space is a separate strata lot hence liable for rates & taxes, strata outgoings and of course the infamous Parking Levy (which seems to double every few years).
The idea to own a car park and earn from there is a very good idea, I think. If you buy in a good location that means inn good residential or commercial area of Sydney then I am sure you will get huge benefit.
Hi,
This is something I looked into, but have not decided on yet.
Some things to consider:
>Whether a bank would loan money to purchase a single car park
>How easy it would be to sell once you want to do something else with the money
>The cost involved eg. fees to building owner/carpark manager, as well as governement taxes.
>What is a fair price. I haven't yet found any data on the average price/price changes for carparks (though I haven't looked very hard either)
A new website that may help is: http://www.findacarpark.com.au if you do want to look into at purchasing one.
RuthRuth,
This web site look like a great resource.
I think car parks are more of a buy and hold for cashflow generating method of investment.
I have been thinking of buying them as I can't borrow more than $70,000 from the bank due to low cash flow.
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