How To Rent Out Your Garage in London

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David

London’s space scarcity means homeowners can strike gold by renting out their garage or driveway. The heart of the metropolis packs the most coveted spaces that net handsome cash per month. However, unused storage areas on the fringes of the city still attract space-hungry denizens in droves. Whether you have space to lease as a parking or warehousing, peer-to-peer platforms provide a limitless marketplace to seal the deal. With a neat, shipshape garage, landlord permit and a simple contract, you should come out smelling like a rose by the end of the month.

In this article, we’ll walk you through the considerations you must mull over for an extra stream of income from leasing garage or parking space.    

Important Considerations

Sprucing up the Garage

Making your storage space more efficient with upgrades or renovations can help increase its value. Clutter could scare away prospects making cleanliness a top priority in your checklist. Unlike other spots, heavily-used driveways fall prey to stubborn oil stains, grease, and grime deposits. Rather than soil your hands with grime, hiring a dedicated company like Ben and Jerry give you peace of mind. With premium cleaners, sanitation specialists and affordable cleaning solutions, Ben & Jerry offers a safe pair of hands to spruce up your garage. Ben and Jerry cleans, organizes and removes trash leaving your space in apple-pie order before you hold it out in the market.

Compute the Rental Price

Spying on prices for other driveways and parking spaces gives you a bird’s eye view of the marketplace. The price depends on a cluster of factors such as size, floor type and climate-controlled capabilities. Luckily, specialized sites online allow you to crunch the numbers by typing details such as postcodes for a comparative estimation of price for storage areas. The price tags should avoid usurious rates or onerous conditions.  

Pitching

List your storage space on fast-paced marketplaces with a crystal-clear description of the dimensions, location, price and extra facilities such as lighting. Flesh it out to the last detail to match the description of potential tenants with precision. Demands vary as some thirst for a garage to mothball a classic car or personal belongings. They should identify with your offer at a glance.

Showcasing the Storage Space

Once a prospect gives you a call or accepts your offer, answer their queries in good faith and exhaustively. If they go the extra mile to visit your premises, it’s time to close in for the kill. Meeting the other party face-to-face allows you to throw more light into the deal and get more acquaintance with them. Try to clear up grey areas like variations or breach of contract for efficient dispute resolution. A meeting of minds should represent a win-win for both parties. For example, a discount or flexible terms sweeten the deal.

Legally Enforceable Contract

English law vindicates a simple or oral contract but having a written agreement irons out contentious issues like termination, arbitration or compensation. Standard parking agreements incorporate key clauses addressing these issues. The contract will stipulate the terms, time of payment, and fixed period. A signed contract acts as a shield and sword in a legal tussle down the road.

Legal Effects

Renting out your parking space may require planning permission based on your jurisdiction. The UK Government maintains you don’t need this consent while some local authorities hold the contrary view. If a council slaps you with a planning enforcement notice, you can challenge this decision at a superior tribunal. Seek other consents from your landlord or mortgagor. Onto taxation, note the income raked in attracts levy.

Final Thoughts

In a city of clutterers like London, acres of unclaimed space pave every inch of the metropolis with gold. Traditional self-storage lacks the convenience of proximity rendered by peer-to-peer spaces. This makes empty space scarce and escalates demand in favor of commercial or residential proprietors. Londoners are already smiling all the way to the bank with peer-to-peer self-storage earnings. All you need is to let someone clutter up your garage or driveway for cash. Thanks to cleanup specialists, a robust marketplace and garage rental companies that handle all incoming queries, you can make your killing in a trice.   

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