I have been looking at buying a garage box to add more "passive" income. And to put my savings to work. I have seen I garage box that seems alright. It's priced at €12500. Registration fees are around €600-700 but I'll calculate with €1000 in case I have overseen anything.
I roughly estimate rental income would be between €75 and €95 a month.
Taxes will be 0.2% a year on the property value, or 1.4% on the property value when I have above X amount of money and/or property. So for now taxes will be 0.2% a year.
I very roughly estimate that maintenance and insurance will be about €200 a year. And vacancy will be 15% which is 1.8 month a year.
This gives a worst case scenario income of €565 a year (75*12*0.85 -200). Which is a 4.2% ROI or 4.0% after taxes.
The best case scenario gives an income of €769 a year (95*12*0.85 -200). Which is a 5.7% ROI or 5.5% after taxes.
The property will need a monthly inspection to make sure no illegal activities take place.
To be honest I find this quite a low ROI especially with the risks renting out property comes with.
Does anyone have any experience with renting out garages? Is the ROI I calculated normal?
I roughly estimate rental income would be between €75 and €95 a month.
Taxes will be 0.2% a year on the property value, or 1.4% on the property value when I have above X amount of money and/or property. So for now taxes will be 0.2% a year.
I very roughly estimate that maintenance and insurance will be about €200 a year. And vacancy will be 15% which is 1.8 month a year.
This gives a worst case scenario income of €565 a year (75*12*0.85 -200). Which is a 4.2% ROI or 4.0% after taxes.
The best case scenario gives an income of €769 a year (95*12*0.85 -200). Which is a 5.7% ROI or 5.5% after taxes.
The property will need a monthly inspection to make sure no illegal activities take place.
To be honest I find this quite a low ROI especially with the risks renting out property comes with.
Does anyone have any experience with renting out garages? Is the ROI I calculated normal?
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