If you’re looking for a couple of extra ways to bring in some extra income, you might be surprised to know that you have a potential money-making machine lying right on your driveway.
Private landlords have been making money by renting out garage space for years, but did you know that anybody can rent out their garage?
All over the world, space is becoming limited, forcing people to find new storage spaces, like those seen in the popular TV show Storage Wars.
But normal, private garages in residential properties can also be rented out, and if you’ve got that space going spare, why not use it?
Whether one of your neighbours needs somewhere to store some bulky equipment or tools, or if you live nearby a stadium or concert venue where parking is limited, you could be surprised at how many people could make use space.
There’s even the option of just renting out your driveway while you’re just out at work too!
The big question of course, is how much you could earn! According to garage rental site LockUpGarages.co.uk: “It all depends on a number of factors, such as the size of your garage, the location and how many days of the year you’re willing to rent it out for, but we estimate that you could be bringing in as much as a few thousand pounds a year!”
Other things which could affect the price you can get include whether you offer 24-hour access or even the type of flooring in the garage.
If it is something that interests you, be sure to do so through the proper channels (such as sites like Lock Up Garages), as this will ensure that you don’t run into any potential legal troubles.
The other legal things to be aware of are that the driver will have the same insurance risks as they would in a car park, while from your end, you’ll need to check with your own insurance to make sure you’d be covered for any damage caused to your property by the driver.
If you do choose to rent your garage out, make sure that you have permission from your landlord if you rent your property and make sure that you always keep the space clean and tidy when it’s not in use and ensure that everything such as the door is in good working order.
You’ll also need to make sure that you have ample storage space yourself so that you can completely empty the garage ready to be used by someone else.
Once you’ve found somewhere to list your garage, be sure to provide a full and honest description of the space and facilities, including pictures and be open to letting potential renters come and take a look around.
For more information about how renting out your garage could earn you a little extra money, as well as some other ways your home could be a source of income, check out this article from This is Money.