The location of the garage is the most critical factor for successful investing. Location is everything; without it, there are no tenants or income, or profitability. A good location is an essential thing if we want to get our investment right.
How to Know Best Location For Your Parking Lot
So, the first thing we have to do is a market study and focus on those areas where demand is more significant than supply, which will guarantee our garage space’s occupation.
There are places where there is demand out of necessity, such as the urban centers of most of the large towns. On the one hand, most cities have the historical structures built when cars and parking stops did not exist.
The usual thing is that they concentrate shops and a lot of business activity in services and leisure. Its streets are narrow and are degraded or perhaps rehabilitated, but they always have a large influx of people, traffic problems, and vehicle congestion.
They are areas with few parking spaces available and high demand. They are the car parks that can produce the most income, but they are the most expensive.
Annexes to the historic centers are the areas that correspond to the excellent traffic, more modern areas with high residential value in which the classes with high purchasing power settle. They are also highly demanded areas and where it is easy to get a good income from our investment.
They are also expensive parking spaces due to the level and reputation of the area. The families that live in these neighborhoods are willing to pay a premium because they not only buy a home as a space to live in, they are also paying for a location, communication facilities and services, a physical environment, and social values linked to the prestige of the area.
The house price is the result of all these components, and as expected, it affects the price of the garages that are more expensive in the same proportion.