Renting a garage - is insurance required!?

dreadhabib

I'm looking at buying a single, freehold garage that's for sale at a very attractive price locally - with the intention of renting it out...

This would be my first 'investment' and for that matter first property, as I currently don't own any - and therefore, if I'm renting it out, will I require 'home' insurance for it!?

Obviously, the tenant would be signing a contract that states they have responsibility for their car/belongings and as the landlord, I am not responsible or liable for any theft or damage etc etc etc - but if insurance is required, then the costs of insurance could well outweigh the benefits and return on renting it - therefore I want to determine what the case is!?

Any help much appreciated! Many thanks for reading!

shane42

its like a btl in a way still ,you have to factor in void , damage advertising cost, etc
insurance is a good idea how much is it for you area?
as an example a new door supplied and fitted is £500 plus vat ( in the south) so insurance is cheap if someone wrecks the door .how do you know someone will rent it , many councils rent them for peanuts, is it in an area where houses dont have garages then

dreadhabib

Cheers for your reply...

I've already contacted a couple of residential agents (purely for initial guidance) who believe it would rent without any major problems as the demand is there, for approx £30-40 pcm...

It's in a mixed residential and commercial estate - where there are numerous houses and flats without off-street parking etc - which works in it's favour!

Of any garages that are council or housing association locally - there are still long waiting lists...

dreadhabib

Is anyone aware of any insurance providers that offer suitable insurance for such a property, ie; that is NON residential!?

Working through the comparison websites just now - it appears that the majority of landlord and property insurance, covers either solely residential property - or property over the value of £30,000 approx - both of which are not applicable in this instance!? ...