Do you have a garage that you’re not really making the most of? Having all that extra space is a huge bonus, but if you don’t own a car or you simply have enough room in your house for all your storage needs, it can feel like a little bit of a waste.
You may be surprised to learn that your garage could be a source of extra income, as plenty of people are willing to rent out somebody else’s garage if they don’t already have one of their own. It can be a great way to earn some extra money, and best of all, it doesn’t take much effort from you at all!
With that in mind, we thought we’d throw together a short guide to getting started with earning money from your own garage.
Have a clear out
The first thing you’ll want to do if you haven’t really been making the best use of your garage space over the years is to have a big clear out. Quite often your garage tends to become a place to dump all of the clutter that you’ve cleared out from your home, so it’s time to tackle it head on and make some space for whoever wishes to rent it out.
This can be rather daunting, but this guide from House Beautiful gives some great tips on how to tackle it without getting too overwhelmed. You’ll also want to make sure that once you’ve cleared it out you clean the space thoroughly, including the floor. It will make a better impression on anyone who might want to rent it and probably net you a higher price as well!
Decide your price
When you decide the price you want to rent your garage out for, be sure to be realistic and do some research before plucking a price out of thin air. Have a look at how much garages in your area are renting for, and try to find some that are comparible to the space you have yourself.
If you live somewhere where parking spaces are limited and in high demand, such as near a sports or music venue, then you might be able to charge a little bit more, but you’ll put people off if you charge so much that it seems unreasonable.
A garage near a city centre can typically earn over £150 a month, but in suburban areas you’ll be looking at somewhere between £50-£100.
List your garage
It’s definitely possible to try to advertise your garage privately, but a managing agent such as LockUpGarages.co.uk might be a better option as they can handle all the management, advertising, and legal side of things for you, which is a lot to deal with yourself if you are short of time or just not an expert on the subject.
Make your advert honest and detailed to give prospective renters all of the information they need to make a fair decision about whether or not it is right for them. Agree on a contract with whoever you choose to rent it to that details how long the rental term is, how much the rent will cost, and when it will be paid, as well as the terms of the rental. An agent can also take care of all of this for you if that’s the route you choose.