If you have extra space in your garage, you may be wondering if there is a way to turn it into a money-making venture. By renting out space, you can create a source of income, thus increasing your budget with dignity. If you are trying to figure out how to make extra money by renting your garage, you need to do the following.
Clean the rental area
Before you do anything else, you need to take some time to clean the rental area. This will help ensure that you have enough space available to make renting your garage a viable earning option.
In addition to removing any of your stuff, make an effort to clean it. In addition, consider refreshing the space with new paint, updated shelves, new door and window seals, or other upgrades that make your garage more inviting.
Research laws in your area
Once you know you have enough space to rent, you need to research the laws in your area regarding this type of activity. Rules can vary from city to city, so you need to make sure you can follow them before listing your garage space as available.
In addition, if there is a HOA, you may also need to check these rules. HOA can restrict how spaces are used, so make sure it’s allowed before you move on.
If you are not renting out the entire garage, you will want to put up some partitions. The divider gives the rental space physical boundaries. In addition, it reduces the likelihood that the tenant will get confused with any of your things on the other hand.
You can put up temporary walls or buy ready-made dividers. In both cases, make sure they improve the look of the space when they are in them, which increases the attractiveness of your garage.
Inspect your locks
Another preparatory step you need to take is to inspect your locks to see if they are the right option for your garage’s new purpose. After all, you will give someone else access to the space.
Not only do you need to keep everything safe, but you need to make sure the tenant’s access does not pose unnecessary risks. For example, if the side door in your garage uses the same key as your front door, giving a copy of that key to a tenant means they could come to your house if they choose to try the key in that lock.
For side doors, you may want to consider a reprogrammable keyless door lock. This way, you can provide tenants with a unique code that only works on these doors. If you go with a smart lock, you can also make sure the door is locked when it leaves directly from your phone, allowing you to improve overall security.
Decide how you will find tenants
If you want to rent out all or part of your garage, you will need to find someone who is willing to rent out the space. In general, you have two approaches. First, you can do it all yourself. Second, you can use a platform or app that manages garage rental agreements.
Often, managing everything yourself brings you the most chances to make money. However, it also greatly increases your workload and can expose you to greater risk when it comes to liability. Still, it’s worth considering whether you’d like to have a higher level of control, whether you’re comfortable managing contracts, have some marketing deductions, and are willing to make all the payments.
If you use a platform or app instead, finding and managing a tenant usually requires less effort. In addition, payment processing services are usually included and you may receive some liability and proprietary coverage to offset part of the risk. However, you will have to pay a fee to use the service, the exact amount of which may vary by platform.
Take high quality photos
Pictures can have a big impact when looking for a tenant. Make sure you have high quality photos of the rental garage space. In addition to a picture showing the entire room, take a close-up of any features that tenants might appreciate. This way, they can learn everything they might want to know in a relatively short time.
Create a description
Your rental list will also need a description. In addition to discussing all the key features, be sure to include the physical dimensions of the rental area. This allows tenants to determine if the space is large enough for their needs.
Additionally, you may want to create a bulleted list of any rules or restrictions. For example, if storing certain types of materials in garages is not allowed in your city, add this to the list. You can also tell if your garage should be treated as storage space or if you are open to a tenant using it as a workshop. So no confusion.
It is also wise to describe all the rules related to access. Will the tenant have a clear path at any time or is access only allowed at certain hours? Can they give their door code to someone else to obtain an item for them? Can they open the garage door or use only the side door?
You also need to decide if there is a minimum rental period. Long-term contracts and monthly agreements have advantages and disadvantages, so consider both. However, you will need to indicate in the description what options are available, so make a decision before listing.
By addressing these points, you can set clear expectations. Thus, only tenants who agree to these terms are likely to apply.
Set your price
Whether you use the platform or arrange the rental yourself, you will need to determine the monthly price of the space. Spend some time exploring what is available in your area and what others are charging. Along with other garages that can be rented, check the cost of storage units.
Determining a competitive price is essential if you want to secure a tenant. Compare the quality of your space with that otherwise available in the area and determine a fair price.
List or market your space
Once you have done all of the above, you can list or market your space. If you use a platform, the listing process is usually simplified. Make sure you read all the rules about what may or may not be in the post, as well as what is required in the list.
If you are doing this yourself, you can use any channel you choose. Social media can be a good start, as well as Craigslist or ads in online newspapers.
Move in with the tenant
Once you find a tenant, you will need to take care of some legalities. If you use a platform or application, the contract can be managed for you. If not, you will need to meet with the tenant to arrange this.
Once the contract is in place, you have officially leased your garage. Determine when the tenant will move their belongings and start collecting payments.
Have you tried to make extra money by renting your garage? If so, what were your experiences? Share your thoughts in the comments below.
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