Have you ever considered using this wasted garage space as a source of revenue? Maybe you did not realize that renting your garage is a viable option and today's modern technology is not that difficult!
I mean … there are boring ways to create passive income. Believe me – I know. I'm the guy behind this blog – the Dumb Passive Income Blog! And I admit, I do not even want to rent my garage. I currently have a mother-in-law who lives at home, and her car occupies my third stall in my garage. Why am I writing this post at all?
Well … I write that for you. Maybe you have a bit more space in your garage (or elsewhere) that just slumbers and does nothing for you. They may be so many others, and their extra space has piled up with garbage year after year.
So, why not get rid of this garbage and rent this space and start making passive income ?!
Can you rent your garage?
I will not claim to know all the legal aspects as the circumstances will be very different depending on your situation. But here are a few things to keep in mind …
- Familiarize yourself with all local laws and community rules and follow them
- Make sure your garage space is clean and protect your home and belongings
- necessarily with a signed contract (or similar agreement) official
- Check with the insurance agency for your property to make sure you are properly insured and that your policy allows for rentals
- The renter must always have his own "rental insurance" completed
Here are 3 questions you should consider before turning your garage into a rental car.
- How much does it cost to convert your garage into a rental car?
- How much should you charge to rent your garage?
- Is your garage safe?
Here is a link to a great article with specific answers to these questions …
How to find a tenant for your garage space
You could always go the old-fashioned route and place a classified ad in your local newspaper. Ha! Who are we kidding? Do not do that! No one reads more newspapers and certainly not the classifieds as before.
The next best ad space is Craigslist. With Craigslist you never know what to expect when so many scammers abuse the platform.
The preferred method of renting garage spaces is to use a dedicated platform that connects people who want to rent their space to tenants looking for rental space. Think of it as the Airbnb of the store. One such platform is neighbour.com – and they offer SO much more than just garage rental. Business Insider says so on neighbour.com …
Neighbor … tries to improve the self-storage industry with a peer-to-peer alternative.
Here is complete information about Neighbor on the Business Insider website, They explain some of the key details of how the platform works.
Neighbor.com is a pretty new startup – but they make waves on the internet and do a good job of getting the word out about their service. Simply put, they connect people with extra space with people who need extra space. I know that this article is about renting your garage … but the neighbor can also rent any type of space. From basements to attics to dirt particles that can be used to park a vehicle. It's really amazing and the platform is a brilliant idea. Whether you are looking for rental space or wanting to earn money by renting space – it is definitely worth taking a look.
Preparing your garage as a rental space
Step 1 – Clean your garage
Cleanliness is the absolute first step in preparing your extra space for a tenant. Make sure you remove all your trash or other personal belongings. Try it with a broom or vacuum it with a vacuum cleaner. Lastly, you might want to squirt off the area and maybe even paint the floor and / or the walls to give it extra shine. Here are some industrial vacuum cleaners (available from Amazon) that will help you get the job done …
|above||DEWALT||DEWALT DCV581H 18/20 volt MAX wet / dry vacuum cleaner without cable||Prime||Buy at Amazon|
|Shop-Vac||Shop-Vac 5989300 5 gallon stainless steel wet dry vacuum cleaner with 4.5 hp||Prime||Buy at Amazon|
|craftsman||CRAFTSMAN CMXEVBE17595 6.5-gallon heavy-duty wet / dry vacuum cleaner with attachments||Prime||Buy at Amazon|
|VacMaster||Vacmaster, VBV1210, 5 liter high pressure wet / dry vacuum cleaner with removable blower||Prime||Buy at Amazon|
|DEWALT||DeWALT 9 gallon poly wet / dry vac||Prime||Buy at Amazon|
|Stanley||Stanley SL18115 Wet / Dry Wet-Dry Vacuum Steel Tank, 4.0 PS / 50 Inches (5 Gallons)||Prime||Buy at Amazon|
|Shop-Vac||Workshop vacuum cleaner with 4 gallons and 5.5 HP (peak performance), wet / dry vacuum cleaner with SVX2 engine technology||Prime||Buy at Amazon|
Step 2 – Secure your garage
You want to provide your tenant with a secure facility while ensuring safety and security. Most garages have a large (wide) garage door that opens and closes vertically. Typically, these types of garages are opened with an electric garage door opener (although some can be easily manually opened). For additional security for your renter, you should give him the opportunity to lock the garage door from the inside (provided he has access to a person's door to enter and leave the garage).
Step 3 – Share your garage
You may only rent part of your garage (or basement room or wherever), and you probably want to set up a kind of partition. If you are handy, you can buy wood, nails or screws from your local hardware store and build your own divider. If you are not so practical or just lazy, you can just buy a kind of divider that resembles the following on Amazon.
Does renting your garage sound like a viable option for passive income for you? Maybe you have other rooms that you could rent, like basement storage rooms or even a spare room. The possibilities end only with your imagination and ingenuity. I mean … it does not hurt to take a look at how much space is available in your area. Have a look at neighbour.com!
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