Make money from your garage
December 3rd, 2008 by Rachel Newcombe
In cities across the UK, parking spaces and garages are often in demand. One nifty way of making a bit of extra money from your home is to make use of unused space and rent out your garage or parking space.
There used to be a time when cars were routinely parked in garages, but these days the garage is frequently used for storage of garden equipment or tools, rather than as a place to park your car. If you’ve got a double garage, plenty of parking, don’t own a car or have a garage that remains unused, then you could consider renting it out and making full use of its potential – and earn yourself some extra income at the same time.
With garages and parking spaces in short supply in city centres, it makes sense for those not being fully used to be rented out to those who do need them, such as city workers or business people who need regular or occasional car parking facilities. The amount of rent your garage could command will vary depending on its location and size. A single garage in the SW6 area of London, for example, is up for rent for a weekly fee of £80 or a secure underground parking space in SW3 is on offer for £60 a week. Elsewhere, in Cardiff, a refurbished garage with metered power supply has a weekly rental of £75.
To find out what a garage in your area might make from rental income, put the location and the keyword ‘garage’ into the Primelocation.com rental property search.
June 24th, 2010 at 12:28 pm
Some people actually take out a mortgage to buy someone else’s garage. It can be a lucrative investment in densely populated cities, especially as more and more people own cars.