Buying a garage in a unit block

[beachgurl]

I've just seen a garage come up for sale in a block of units. It has its own title so can be sold on its own.

Has anyone bought a garage for the purposes of rental? Any pitfalls other than obtaining finance? wondering if it would be a good little cash earner or if I should run away.

 

[Tulamalula]

or a beach box? what a weird concept!

 

[jerrybee]

My understanding of this (correct me if I'm wrong) is that it can be classed as commercial property so you may not be able to get high LVR. I really wanted to buy one that came up for sale in my unit but my broker told me it was commercially zoned and I'd need to front up a lot more cash which I wasn't willing to do.

 

[Scott No Mates]

Be wary. You will need to confirm what your contribution to the Strata levies and coubcil rates will be. They may outweigh any rental that you may achieve.