Renting out my garage for storage

ConfusedofYorkshire

My garage is separate to my house and someone has expressed an interest in using part of it to store some of their stuff, including high value items like furniture.

It would still have some of our stuff in it, so it wouldn't be 100% their's during the time they are renting it out.

I wondered if anyone could help with the legalities of this. Do i need to inform my home insurance provider for example? or should the renter get their own insurance to insure their stuff?

I'm guessing i need to declare any income also.

any advice would be appreciated.

davidmcn

Your home insurance won't cover anybody else's possessions. Not sure how easy it will be to get cover for stuff being stored in somebody else's garage (especially if it's not even one with exclusive occupancy).

Technically it sounds like you'd be operating the business of providing storage services, as far as your insurers or any mortgage lender is concerned, and should therefore declare it. Thought possibly too trivial for anybody to be bothered with.

Mallotum_X

As the sums involved are likely to be small, and the potential risks pretty high, I really wouldn't bother going any further, suggest your friend stores their stuff in a self store place, they I'll have suitable insurance and security etc

ConfusedofYorkshire

Ah that's a shame. The little bit of extra income every month would have been helpful.

And I found an article in the guardian suggesting people did this, but with no details such as insurance which was annoying!

AdrianC

ConfusedofYorkshire wrote: »

Ah that's a shame. The little bit of extra income every month would have been helpful.

Given that rental of an entire garage is usually around £50/month, it's a lot of risk for little return.

LandyAndy

ConfusedofYorkshire wrote: »

Ah that's a shame. The little bit of extra income every month would have been helpful.

And I found an article in the guardian suggesting people did this, but with no details such as insurance which was annoying!

I don't imagine Guardian readers' garages are broken into terribly often.

ConfusedofYorkshire

It was going to be about 100 a month I think.

To be fair, we live in somewhere pretty quiet, I don't think there are many burglaries! But I'm not sure it's worth the risk.

Kevie192

Why not do it through somewhere like Storemates? They arrange insurance etc for you... I'm sure they'll take a cut but might still be worth it?

martindow

I would not see this as too much of a problem, providing the person who is renting it is clearly told that your insurance will not cover their furniture and other belongings. It seems a mutually beneficial arrangement to me.

Is their furniture really valuable? Most second hand furniture is almost valueless. I would be worried about it getting damp during the winter if it does have some value and a storage unit may be more appropriate.

harrys_dad

ConfusedofYorkshire wrote: »

It was going to be about 100 a month I think.

To be fair, we live in somewhere pretty quiet, I don't think there are many burglaries! But I'm not sure it's worth the risk.

Someone is going to pay you £100 a month for half a garage with no insurance? Are you serious? What are they storing?

Guest101

harrys_dad wrote: »

Someone is going to pay you £100 a month for half a garage with no insurance? Are you serious? What are they storing?

A collection of 'sugar', which may be required at short notice no doubt...