Garage Rentals
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How Much Can I Earn?

Like other types of real estate, the value or the amount you can expect to earn each month will vary.

Several factors will influence the value of your garage.

Consider the location of the property, the value a renter can expect to gain from renting your garage, and the amenities that are included in the rental. Make sure the in and out privileges are agreed to...in writing and share the terms, at a high level, with any other tenats you have so there are no surprises.

Location

As the saying goes, "location, location, location". This applies to Garage Rental also. If your property is in a safe area, an area close to recreational waterways, or convenient to transportation facilities, you will be able to ask for a higher monthly rent.

Utilities

Does the renter want a place to park a classic car, store a boat, RV or simply store a few boxes? Will they be using just the garage or the driveway too? How frequently will they need access to the garage? If the renter will be using the garage as a workshop, make sure the lease contains a provision for the cost of utilities like electricity and water. You will also want to review the insurance requirements for a workshop.

Amenities

Lastly, consider the amenities. Does the renter require the garage to be equipped with an alarm or heat to protect their investment in that classic car? Some renters are looking for a garage to be a workshop rather than a storage facility. Generally workshops require electric, water and smoke detectors and may be subject to local ordinances.

Consider all these factors when pricing your garage and understand the needs of the potential renter. If you are still not sure, I recommend submitting an ad (its free) without a monthly price and see what kind of response you get. You can also look thru the posted ads to get an idea of what others owners are expecting for their properties.


What does homeowners insurance cover?

The basic structure of a homeowners policy looks like this:

- Coverage A: Dwelling - protects the structure of your home and other structures attached to it. The basic homeowners insurance policy pays you in case of any damage due to fire, and severe storms. Tornados and hurricanes may be covered.

- Coverage B: Other Structures - provides protection for structures or dwellings on your property but not attached to your residence (unattached garage, storage, shed, fencing, boundary etc.)

- Coverage C: Unscheduled Personal Property - covers damage to your personal effects owned or used by you inside or outside the home.

- Coverage D: Loss of Use - reimburses you for expenses you may incur if your home becomes uninhabitable due to a loss covered by the insurance policy.

- Coverage E: Personal Liability - provides coverage if another person brings a claim or lawsuit against you for bodily injury and/or property damage resulting from negligence on your property.

- Coverage F: Medical Payments - provides coverage for medical payments if a third party is injured by or on your personal property. Very important in the overview is what is NOT covered or what is often limited by contract. Mold and some related water damage. This is very often specifically limited. Mold damage can be very expensive to repair since it can grow undetected for quite a while before you know you have a problem. Read your policy carefully, especially if you live here in California as well as Texas, Florida, Nevada and Arizona to name just a few problem states. War, nuclear accidents and terrorism. A local riot would likely be covered but being attacked by terrorist or armies would not. Similarly, if your home is irradiated by a nearby power plant you're not covered. Natural disasters If your home burns down in a wildfire and you live in a remote cabin or your home is rattled apart by an earthquake, inundated by a flood you may not be covered. Similarly, if you're the victim of a landslide, however, you're pretty much on your own. That kind of earth movement usually isn't covered, so it pays to get a geologist's report before buying any home near a cliff or on a hill. Both earthquake and flood insurance are available as stand alone coverage. Neglect If a tree topples over in a windstorm and crushes your house, you're covered. If your home collapses because of a termite infestation, you're probably not. Dogs High risk pets like a Pit Bull, Rottweiler or wolf hybrid may result in your insurance getting very expensive -- if you can persuade your insurer to cover you at all. Intentional damage Intentional damage by an insured person -- or by the person's spouse, children or relatives living in the house -- typically isn't covered. Estranged spouses often come into a gray area. Although they may not live in the home, they may be listed on the policy or the property deed and be considered to have an insurable interest in the home. Computer equipment Most computer equipment is covered but only to a specific limit. If you have a computer for you, your spouse and each of the three kids you should check you policy and consider adding additional coverage above the standard limits. Luxury items and collectibles (coins, guns, artwork, jewelry etc) Just like computer equipment, most of these items have specific limitation. You can add a rider called Scheduled Personal Property for additional coverage.

Source:WikiAnswers

(RentMyGarage recommends the lessor and renter check with their respective insurance companies for coverage details.)

Your home owners insurance may not cover damage or theft of the property in the garage so make sure your renter is well covered with auto and renter's insurance. --Consult with a licenced insurance representitive in your area.


Tips for Garage Rentals

The self-storage business is booming today and people rent garages for some of the same reasons. Some people need to put household items in storage while they are between houses or in another city. Some need a place to store their boat, classic car or RV. Many apartment renters find themselves with a place to live but no place to put their car and end up taking a space in a rental garage. The first point to remember is that any garage rental arrangement should include a written contract, to protect both parties. Even renting a garage at a private house, from a friend or neighbor, should come with a rental agreement. Second, make sure the landlord agrees to how you want to use the garage. For example, if you rent a garage at a self-storage facility, are you allowed to do repair work there? Can you use it to store your fixer-upper? If you’re working with staining materials like oil or paint, make sure you know the garage’s cleanliness rules. Ask if you can get electricity in your rental garage and how much it costs. If you are renting a garage to store household goods, you might be considering a heated garage. City people who rent space in a garage to store their car have some further considerations. Read the garage rental agreement very carefully, especially with respect to your responsibilities. Garage rent in the city is not cheap, so it is probably best to shop around. Some garages rent their space on a minimum monthly arrangement while others provide continuous rental on an annual renewal basis. It is worth noting that most garages do not allow tenants to store non-working cars, do extensive car repairs, or give away their parking pass to friends or guests. Most rental parking garages accept absolutely no liability for vehicular damages or theft that occur on the property. When space is really tight, some garages have lifts they use to stack cars in less space. If your garage does this, find out about the possibility of delays in retrieving your vehicle. No matter what kind of garage rental you need, make yourself aware of certain issues. For example, what will the landlord do if your property is damaged in storage? Can you get access to your property when you need it?


What are the Tax Implications of Garage Rentals?*

There are two methods for claiming business car expenses: actual expenses or the standard mileage rate. Actual Expenses: You can add your entire car operating expenses for the year, including gas, oil, tires, repairs, license fees, lease payments, registration fees, garage rental, insurance, and depreciation. Deduct the percentage of the total that was for business, based on your mileage records of business and personal travel. Deductions for business parking and tolls do not have to be divided.

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* This discussion is for general informational purposes only and is not a substitute for the advice of a qualified tax advisor.

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