How Your Garage Can Create a Passive Income in 3 Steps
Have you just sold your car and noticed that your garage is now empty? Or maybe the garage in your second house is just storage for a few items you wanted to throw away but never got around to do that? Whatever the reason, if you have unused garage space, you can turn it into a profit.
However, it doesn’t mean you should simply sell your garage. Instead, we suggest you turn it into a rental space. But before you create a passive income from it, you should put some effort into making the place look more appealing to your future tenants. Renters want to see your garage ready to make use of it from day one.
You should begin with taking away your belongings and cleaning up the place. Next, you need to do necessary repairs and install security measures, and finally, find someone who wants to utilize your garage. It doesn’t matter if your garage will become a storage space or a startup office — these three steps will allow you to turn it into passive income!
Step #1. Clean Up the Place
The first thing you need to do is clean up the place. It might be a tedious task that will take some time, but it is a great start. After all, if you have a garage that looks like an abandoned storage room, you will have a hard time convincing a renter to use it.
Besides removing your belongings from the garage, you should remove any clutter as well. Clean it thoroughly and organize everything you have. Depending on how your garage looks, it can be time-consuming or pretty straightforward. For instance, if you have black garage doors, cleaning them should give you no problems. Either way, the last thing you want is for your garage to look like a dumpster, so make sure you remove everything out of place.
The cleaning process will also allow you to see if any repairs need to be done. Sometimes, a garage that looks good to the eye can have problems that you don’t see at first glance. So if you will be renting your garage out, it might not be a bad idea to invest in some improvements.
It can also be a great idea to add overhead garage storage systems to allow you to clean up the floor. You’ll utilize the space above and give yourself a chance to get your garage squeaky clean.
Step #2. Make Necessary Repairs
After cleaning your garage, you should check if any damages need to be fixed. It includes cracks in the walls, broken windows, and anything else that needs attention.
Apart from that, it may be the right time to install a new garage door or do a small renovation. It is often something that people ignore when they rent their garages. But if you don’t make repairs and improvements, you might end up renting the place at a lower price.
It is a good practice to put some money into security measures, as it will make your garage more appealing to people who want to rent it. The security measures can be in the form of cameras, motion sensors, and anything else that you feel would make your garage safer.
Remember that the garage is often used for car washing and other do-it-yourself or DIY projects that can cause moisture build-up. So, aside from the garage, it pays off to consider crawl space waterproofing when necessary to avoid moisture from the external area penetrating your basement.
Step #3. Find Someone Who Wants To Use Your Garage
After completing the previous steps, you can start advertising your garage and searching for someone to rent it. If you have not transformed your garage into a living room, the chances are that people will want to rent it for storage purposes.
On the other hand, if you put effort into making it look and feel more comfortable, someone might want to become your tenant. However, no matter what you use the garage for, you should ensure that it is safe to use and there aren’t any problems such as electrical issues.
There are many ways you can advertise your garage. For example, you can use Craigslist or other similar websites. You should also talk to your friends and neighbors and let them know that you have an empty garage that they can use for storage or other purposes.
You can also create a ‘garage for rent’ post on your social media pages to advertise the space. In one way or another, someone will be interested to use your space, especially if it has a good location for business. Just make sure that the terms are clear, in which the tenant will shoulder all business expenses relating to the lease to save yourself from hassle.
What Can You Use a Garage For?
Even though most people use a garage for parking their vehicles, it doesn’t mean that you can’t use it for other things. There are many examples of businesses that started in garages. One of the most popular examples is Apple — Steve Jobs and Steve Wozniak started Apple in a garage in California.
Pop-up stores, mobile restaurants, and even mobile clinics are perfect to put up in an empty garage. If you don’t want to lease it to other people, you can kickstart your own family business in your garage space such as a food stall to sell your homemade burger or other recipes.
You can also set up your own photography studio or workshop in your garage. Teach children and even adults how to draw, paint, and learn new things that you’re good at. Why not turn your garage into a technology haven? How about a place for music lovers out there where they can gather in your coffee shop?
But you don’t need to aim that high. You can rent your garage to someone who just needs a separate spot for their car detailing business or an antique store. The possibilities are endless!
If you own a garage that you do not really use, you should consider turning it into a profit. Renting out your garage space will give you an additional source of passive income, which can help you pay the bills or gather the funds for a trip.
While it can be challenging, your efforts will start to pay off as soon as you receive your first rent payment. Whether your garage will become a storage space or a startup office, the steps we mentioned will allow you to turn it into passive income. Now you only need to find someone willing to rent your garage space. Good luck!