Speaking of property investment, the first thing coming up in your mind must be rental property, real estates, apartments, and so forth. But, what about parking lot?
This might sound weird at first, but it makes sense. With the overgrowing number of vehicles and declining numbers of open space, parking lot will soon have high demands, if not already.
Despite being mouthwatering, you should not directly invest in it without knowing the why and how. For that reason, this concise information will facilitate your understanding and further considerations.
Also Read: What Qualifies for a Good Property Investment
Why Parking Lot is a Good Property Investment
Among all the reasons why parking lot is a good property investment, there are several bases that are considerably vivid.
The first reason is the cost. Compared to other forms of property investments, parking lot is indubitably cheaper and less taxing to establish. That said, the income is continuous.
The second reason is due to the available competitors. Arguably, most of your competitor would be offices and etc. However, by offering a slightly cheaper price, you can win the competition.
Last but not least, the demand will be skyrocketing. Especially, in cities which public transportation is not people’s first priority, the demand will keep escalating in the following years.
How to Invest in it
Prior to investing in it, there are necessities you have to administer. Of those, some are listed below.
Firstly, you have to understand the government regulation to open such business at your region. Following the procedures to acquire permissions grants you the chance to avoid administrative matters in the future.
Secondly, you have prepare all the resources. CCTV, security-related facilities, and workers are pivotal parts of your investment. Thus, skipping this step will result in high possibility of problems in the future.
Afterwards, you have to ensure that you own a strategic coordinate. A space that is close to office towers, shopping centers, or terminals is a good indication of a good parking lot investment.
Also Read: Why (Developing) Countries Need Foreign Direct Investment
