Renting out garage for car/storage

catoutthebag

Hi I have a garage which I don't use. It's in the development where my flat is. All the garages are joined together. It's not in London.

Is it realistic/easy to rent as storage space for someone? How much could I charge a month? The flat is leasehold.

I thought that money could over pay my mortgage or go to hot dinners:j

Thanks

lee111s

Have you looked online to see if there are others for rent in the area? If so how much do they go for?

Do you live near a large city or a mainline railway station?

Guest101

Are you in vicinity to a train station or town centre?


What's the on street parking like?


I wouldn't expect much more than £30-40 a month at best.


Also don't forget to declare it to HMRC

catoutthebag

I live in a highly desirable/affluent area in a large city, 3miles from the city centre. On a bus route, not train. I couldn't see much on gumtree, but a not nice area near by wanted £50pcm. I was thinking £50 at least myself

lewishardwick

Have you checked your lease to see if you're allowed to rent it out?

catoutthebag

lewishardwick wrote: »

Have you checked your lease to see if you're allowed to rent it out?

I'm not allowed to rent out the flat. Would that include garage?

Guest101

catoutthebag wrote: »

I live in a highly desirable/affluent area in a large city, 3miles from the city centre. On a bus route, not train. I couldn't see much on gumtree, but a not nice area near by wanted £50pcm. I was thinking £50 at least myself

You're missing a vital point, having somewhere highly desirable to live / being affluent has no effect on the commercial value of a garage.


People who typically rent a garage / parking spot are commuters, they are looking for either proximity to work (hence the city centre location, and I'd say 300 metres would be too much, yet alone 3 miles!) or near to a train station, in case they commute from rural areas. A bus is no better than a car.


IS there a hospital nearby? I know hospital staff are often on a waiting list for parking.


I'd say you're pushing it at £50, but either way don't forget the tax

lincroft1710

catoutthebag wrote: »

I'm not allowed to rent out the flat. Would that include garage?

Depends on what your lease actually says

catoutthebag

Yes I see your point but we have a lot of young population, in between moving, older people with lots of possession, cyclists etc, people always looking for renting a room and needing to keep their belongings somewhere..

I'll check lease

googler

How will you monitor what's stored there?

What happens if the goods your renter puts there are dangerous / toxic / illegal / highly flammable etc.?

Who's liable for damage caused if goods leak / explode / catch fire?

Will your insurance pay out? Will your insurer allow you to do this? Does your lease allow you to sublet all or part of your property?

etc

etc

catoutthebag

Guest101 wrote: »

You're missing a vital point, having somewhere highly desirable to live / being affluent has no effect on the commercial value of a garage.


People who typically rent a garage / parking spot are commuters, they are looking for either proximity to work (hence the city centre location, and I'd say 300 metres would be too much, yet alone 3 miles!) or near to a train station, in case they commute from rural areas. A bus is no better than a car.


IS there a hospital nearby? I know hospital staff are often on a waiting list for parking.


I'd say you're pushing it at £50, but either way don't forget the tax

The other area asking for £50 doesn't have those things. Big city, big prices