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A garage or storage condominium is your own personal warehouse located on common property. They are quite different from a storage rental because they are a real estate purchase that will build equity for you. Just like any other real estate investment, at closing you receive title insurance and a deed.
Resale works the same as any other property sale or you can keep it as an income producing property—there is no prohibition against renting out your unit.
And it’s probably one of the most hassle free forms of property to own or rent out. There’s really nothing for a tenant to damage. And not much to repair either…no phone calls in the middle of the night to replace hot water heaters or fix air conditioning units! And no landscaping to take care of either since all that, including the exterior building finishes, are taken care of by the Property Owner’s Association.
Just like any real estate investment, a garage or storage condo can be jointly owned too. It can left for your heirs and you can show it on your personal balance sheet as a real asset.
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