There are lots of ways to afford a second summer holiday. Some people have side gigs, others are savvy savers. Yet, there is another way to earn more money – if you own your own garage. Renting out your garage can be another stream of income to help tackle unforeseen bills, pay for breaks or to contribute to your nest egg.
Why Do People Rent Garages?
People rent out garages because there is a demand for it. Garages have a demand for different reasons. Some people rent a garage because they need to store possessions during a trip overseas or are in the process of relocating. Other people rent a garage to store their car, or they may even show an interest in your garage to run their business from it.
It is important to figure out why your potential tenant wants to use your garage as this may affect rental costs. For example, someone using your garage to run a small business or operate a workshop will use considerably more energy than someone parking their car. Whoever you rent your garage to, you should do it with an official contract to establish its uses, avoid disputes or prevent ending up out of pocket.
Tips to Help Your Garage Rent
Protecting yourself when finding someone to rent your garage is crucial, but before you can get to this stage you need to attract a tenant and make your garage appeal to the market. Here are four top tips to bear in mind during the whole process.
#1 – Repair Any Issues
If your garage has a security issue such as a faulty garage door, you will need to get it repaired or replaced before tenants consider using your property. Nobody will rent a garage that may result in their property being stolen.
#2 – Add Storage and Furniture
If you are tailoring your garage to someone who may use it as a workshop or an office, you can increase its pulling power by adding a desk, workbench and adequate storage options.
#3 – Advertise Online
Most people who need a garage are not looking for notices on community boards. Their first point of call will be social media and sites like Gumtree. Expose your garage’s availability in all the usual online places to attract a tenant faster.
#4 – Keep A Payments Record
Receiving an income by renting out your garage is not tax-free and you will therefore need to claim it on your tax assessment forms. Don’t leave this out and make sure you record your payments to save you headaches come April.
Get Your Garage Ready for the Rental Market
If needed, we can provide you with garage door repair services or replacement garage doors to improve your garage’s function and security, and therefore improve your chances of finding a tenant!