To buy a garage?

[user593]

The house we bought is a little bit too small for us. One of two concerns we have about it is that it doesn’t have a garage. We don’t need it for our car but it would be great to have storage for camping equipment, seasonal decorations, etc. Storage units are expensive, SDLT is expensive, and a garage about five minutes walk away has come up for sale.

AIBU to buy the garage? It would hopefully be an appreciating asset rather than dead money wasted on private storage.

If anyone has any positive or negative stories regarding doing the same I’d be pleased to hear them!

My guess would be circa £1k but I’m not really sure (both DP and I work/ worked in law but not conveyancing).

Tents can fold up quite small (even large ones) so I can't imagine even two tents and some pegs taking up even a portion of a garage. Books will take up a lot more space though.

Leasehold, but a very long lease. It looks dry and insulated. I’m going to see it later in the week.

To rent a storage locker here the size of a single garage is £300+ a month (and further away, about a 10 minute drive rather than a 5 minute walk).

DP was actually eyeing up a camper trailer but I think then we’d have no space left!

I think garages or large sheds for storage are always sensible.

What’s the security for the garage like? That would be my primary concern if it’s in a block.

It’s in a block but in a busy area/ overlooked. A couple of people seem to be using them as workshops as when I drove by today I saw two units being used for woodwork! So I think the risk is probably relatively low. Our area also has one of the lowest crime rates in London.

I think it is a great idea, 30k seems very reasonable and will only go up in value.
I would buy it.

We are looking to do the same, but we're in the north west, so planning to offer half that (to our neighbour who owns it and doesn't use it). A garage is a definite investment in our village, everyone has too much stuff for the size of houses we have (mill cottages).

It does seem like a good idea. But £30,000 seems a lot. You wouldn't make any money back for about 10 years... If you do buy it, make sure it is very secure though. Some older mechanisms/locks on some garages are easy to break into.

Have you not got room for a storage shed in your garden?
I do think the garage will not lose value though so it is probably an investment oportunity if you do go ahead.
It's whether you can afford to tie up 30k. But doesn't seem like a bad idea at all if you can.
I would look into security though for it. And not store anything valuable there.

@Shedeboodinia No room in the back garden. We have a bike shed in the front garden but it’s full of bikes!

We can afford to tie up the £30k, it’s definitely cheaper he’s moving!

I don't live in London. Parking is largely pretty easy around us. And yet garages are still £12K+. Frankly, it sounds a pretty good deal to me. I doubt very much it'll depreciate in value, and it has the potential to increase significantly.

It sounds like a good investment.

I'm a residential property solicitor and I've seen clients pay £20k merely for a right to park when buying a flat in a new development in London.

OP, if you halved it you might be able to rent half it out for 150 a month. It might soften it for you.
I certainly would buy it if it meant not moving and you are happy where you live.
It's a no brainer IMO.