Yesterday we shared the French real estate investment secret that if you invest in French parking and you obtain the title of the parking place or garage you can have a potential return on investment that is higher than regular housing or at least a more affordable investment for yourself.
NOTE: Make sure that you get legal advice before you buy a particular parking spot to make sure you can rent it out if your goal is to make it a rental investment.
Here are 15 tips on how to buy the right parking or garage investment in France
One
You want your parking space to be desirable and easy to rent so check with the local city hall to find out if there are any plans for the demolition of building to create parking lots or spaces. Or perhaps, the change of usage of a piece of land, one fuel station site we saw had the fuel station closed down and the land changed into a parking area.
Two
Avoid buying parking spaces close to shopping centers since in France shopping centers may have parking within the parking complex available for rent.
Three
Avoid investing in parking in areas where the older buildings have parking integrated into the building.
Four
Avoid buying parking in an area close to train stations since typically parking is available close to train stations or even bus stations.
Five
Seek areas where there are older buildings in a neighborhood that has very little or no parking.
Six
Avoid buying a parking space or garage in an area where there is a lot of new construction since new construction typically has parking built in.
Seven
Chose a location the will be within a short walking distance for the buildings you wish to service. People do not like to walk a long distance to their car. Think of how far you would like to walk each day if you had no parking in your building and make a strategic investment.
Eight
Work with a English speaking local French real estate agent who will know where opportunities are for you to make the best investment.
Nine
Buy parking with easy access to the space. Some older French parking lots are extremely narrow and the larger vehicles of today are hard to get inside. Particularly if the parking space is down a winding underground pathway.
Ten
Buy parking that is not way down underground if you have the choice. In general people do not like to go underground too far to park their vehicle.
Eleven
Make sure the parking lot is secure in terms of the entrance way. Also that the parking is well lit and that entrance in and out of the parking area is controlled with a secure gate.
Twelve
Parking is in a ‘box’ is the most desired so expect to pay more for this type of parking. However, the rental return of a ‘box’ may not be much more than a space so you need to check the return on investment. Box is explained here.
Thirteen
See if you can find your investment parking space in your own building so that you can keep an eye of the usage of your investment
Fourteen
Consider the height of the parking space as well as the width and consider the height and width of the entrance into the parking area.
Fifteen
Make sure that there is no scheduled repairs to be done in the building where your parting is located. Check around to see if there is a potential future need for repairs.
Contact us to help you find an English speaking French real estate agent in your investment area of choice. Contact us here.
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