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Renting out garage for car/storage

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2

Comments

  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    googler wrote: »
    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

    Same applies for any facility being rented. How do they mitigate?
  • Guest101
    Guest101 Posts: 15,764 Forumite
    catoutthebag wrote: »
    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



    For not much more than £50 you can use a 'Big Yellow Storage ' (other commercial enterprises exist) which comes with security, insurance etc.


    Why would I use your garage?
  • Guest101
    Guest101 Posts: 15,764 Forumite
    catoutthebag wrote: »
    Same applies for any facility being rented. How do they mitigate?



    Actually it's not the same. This is a commercial agreement, you are therefore under different legislation.


    Ultimately you'd need insurance and a proper commercial lease.
  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    Guest101 wrote: »
    Actually it's not the same. This is a commercial agreement, you are therefore under different legislation.


    Ultimately you'd need insurance and a proper commercial lease.

    I have buildings and contents insurance
  • Guest101
    Guest101 Posts: 15,764 Forumite
    catoutthebag wrote: »
    I have buildings and contents insurance



    Commercial public liability insurance?


    You are running (a very small) business.
  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    Guest101 wrote: »
    For not much more than £50 you can use a 'Big Yellow Storage ' (other commercial enterprises exist) which comes with security, insurance etc.


    Why would I use your garage?
    Because big yellow storage is usually in a rough inner city location or on outskirts and at least the same price or expensive
  • Guest101
    Guest101 Posts: 15,764 Forumite
    catoutthebag wrote: »
    Because big yellow storage is usually in a rough inner city location or on outskirts and at least the same price or expensive



    But it comes with 24/7 support, full insurance, lighting, security, etc etc.


    So your only selling point is that you are 3 miles from the city centre and not a rough area?


    I'm not having a go, i'm simply pointing out what your potential clients are going to consider/
  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    Guest101 wrote: »
    But it comes with 24/7 support, full insurance, lighting, security, etc etc.


    So your only selling point is that you are 3 miles from the city centre and not a rough area?


    I'm not having a go, i'm simply pointing out what your potential clients are going to consider/

    What would you say if I put it on gumtree today and it gets rented out by the end of the week?
  • Guest101
    Guest101 Posts: 15,764 Forumite
    catoutthebag wrote: »
    What would you say if I put it on gumtree today and it gets rented out by the end of the week?



    I'd say congrats, here's a link to HMRC self assessment. :)


    And I'd hope you don't come back in 2 months time having had it raided by the police as a cannabis farm ;)


    Seriously though, you need to check your lease, get liability insurance and create a proper commercial lease.
  • catoutthebag
    catoutthebag Posts: 2,216 Forumite
    Thank you :)
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