Planning to rent out my garage - any advice?

dreamalittle

Our house came with a separate garage, some distance down the road in a block with about 5 or 6 others. We've never used it for anything and I think it would be a good idea to up our income a little bit by renting it out.

We're in an outer London suburb, near two well-used commuter stations, and the road is mainly Victorian semis with no off-road parking so I think that it would be fairly easy to find someone who would want it, but I have no idea how to go about it.

I've found a site where you can download a simple rental agreement for a garage, but I'm just wondering about whether to ask for a deposit, whether to ask for rent monthly or quarterly, if I need any special insurance etc.

Any advice? Will it be worth all the hassle?

LandyAndy

Does it have an electricity supply? I've been looking for somwhere to grow some 'special plants'.

PasturesNew

You might like to try the "Park at My House" type websites in the first instance, find your feet by using their services, which will have all the details covered.

Eric1

I'd also check with the mortgage provider if their permission is required

dreamalittle

Does it have an electricity supply? I've been looking for somwhere to grow some 'special plants'.

Ah ha ha, no, no prospect of any farming, I'm afraid. No electricity or water. It's just a big box with an up and over door on the front.

joerugby

Having done the same thing i'd suggest:

1) get a solicitor to draft a contract for you (mine cost about £90) including any provisions you feel are important (e.g. the ability to regain posession with x days notice in the event you wish to sell the property)
2) put the income, and any expenses, on your tax return
3) beware there might be CGT implications when you eventually sell
4) ensure you collect rent by standing order
5) treat the letting in a businesslike manner, i.e. write to confirm any discussions, send reminder if rent is late, inspect the garage every 6 months etc etc

And enjoy the extra income!