Jun 03 2009
There are many benefits to owning a garage apartment. You’ll have the additional parking and storage space you need and potential income from a tenant who might otherwise be paying rent somewhere else. Better than that, charging rent gives you extra financial means to pay off the construction of your new garage. It is a win-win situation unless you don’t know how to go about finding a tenant to rent out the apartment. Below are a few tips that will help you rent out your new garage apartment.
1. Check with your local government. Many areas and subdivisions have restrictions against renting a portion of your property to someone else. While city laws may allow you to use your garage apartment personally for perhaps a guest suite for overnight visitors, many municipalities have laws preventing you from using the apartment as a source of income. So before you even start construction on your new garage apartment, make sure renting is permitted in your area.
2. Do your homework. Find out if there are any zoning regulations in your area. Some cities and neighborhoods require that you get approval from neighbors before you can lease your property to a renter. In most cases a notice is sent to your neighbors (i.e. anyone whose property boarders yours or anyone who lives within a specified distance, such as 500 feet, from the dwelling you plan to lease.) These people will be given a specific amount of time, such as 30 days, to object. If there are no objections you are given a permit to lease the garage apartment. If someone does object, your request will be denied.
3. Ask a competitive price. Take some time to research other garage apartments and apartment buildings in your area. Go look at them so you know what is being offered. Find out what price each one is renting for. Make sure your price is comparable to other units in the area of a similar square footage and amenities. If you price your property too high, you won’t get any potential renters.
4. Use strategic advertising. While garage apartments can be quite accommodating, they generally have a small square footage limiting the number of potential renters. Advertise in areas where there are a lot of singles and college students who may not require a great amount of space or will be just fine with the basics. Get permission to put of flyers on college campuses and in other areas where young singles are likely to gather.
5. Interview your potential renter. When someone shows interest in the garage apartment, don’t just offer it to them on the spot. Make an appointment for a formal interview with the perspective tenant. After all, this is your property. You want to be certain you will lease the apartment to someone who will respect your property as you would, otherwise you may be headed for trouble in the future. Get to know the person so you can get a good feel if this person is the right fit for you and your apartment.
Leasing your garage apartment is a wonderful income opportunity for you, and it is the ideal way to pay off the construction of your dream garage. With these helpful tips, you should be well on your way to renting out the living space of your new garage apartment.
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