Monetizing a garage on a rental property
Hello everyone,
Has anybody come up with creative ways to monetize a large storage space? I am looking at a property and the living space itself is great for the price. However, there is a large structure in the backyard that, while not dilapidated, will be in need of maintenance. Renting it out as storage at $50-75/mos wouldn't cover the costs of deferred maintenance because the roof is large and will be expensive to repair.
Here is what I considered with optimistic projections
- Winter boat/car storage (110/mo x 6 mo per year)
- Tenant storage (120/mo x 12 mo per year)
- Tool and van storage for a small business owner
- Leasing rooftop for solar - does anyone know if companies in the Syracuse, NY area lease rooftops?
Looking forward to hearing some creative ideas from the BP community.
TYIA.