Car ownership is fast becoming a thing of the past, especially in cities like Philadelphia.
With car shares, bike shares, car services, better public transportation options and an overall healthier, walk more approach to life, Philadelphia has far less need for garages than ever before.
Which has opened up new opportunities for Philadelphia owners of properties with garages. These garages can be transformed into income-generating rental spaces, instead of allowing them to remain vacant.
The income-generating ideas are endless, the garage can be converted into storage units, you can also lease the space to artists as studio space, or to residents in need of a space for woodworking. You can even lease it to a local band as rehearsal space.
However, you should ask yourself these 3 pertinent questions before embarking on this garage conversion mission:
- How much will this renovation cost? There might be need for you to invest in lighting, plumbing, drywall, flooring, and plumbing, depending on the current condition of the garage. The costs can easily blow up.
- Does it have income generation potential? You need to take the square footage of the garage into account; is it a climate-controlled space? You also need to access other amenities to determine the possible amount you can get as rent. Garages located in urban areas usually command premium rent compared to the ones in rural and suburban locations where there’s an abundance of land.
- The security level of the garage. You need to take a good look at the security of the garage. Is it safe enough to house the residents and their properties? You should ensure that all the garage doors are in perfect working condition.
You might want to employ the services of a property manager whenever you’re ready to lease out your garage.