Hi all,
I am wondering if you could help me out.
I am trying to calculate a rental value on some storage I have.
I have an unused "apartment" over a shop I let.
I estimate it would cost 50-70k to renovate it to a liveable condition.
The guy in the shop wishes to rent it as storage. So how much do I charge him ?
If I rent it as storage, I dont have to invest anything and I dont have the issue of a new tenant.
If I do invest, I get the property with an average rent of about 700 p/m
So, what could I charge that reflects the fact I am going to potentially loose 700pm rent, but also that I dont have to invest 50k into it ?
Hope this makes sense!
I am wondering if you could help me out.
I am trying to calculate a rental value on some storage I have.
I have an unused "apartment" over a shop I let.
I estimate it would cost 50-70k to renovate it to a liveable condition.
The guy in the shop wishes to rent it as storage. So how much do I charge him ?
If I rent it as storage, I dont have to invest anything and I dont have the issue of a new tenant.
If I do invest, I get the property with an average rent of about 700 p/m
So, what could I charge that reflects the fact I am going to potentially loose 700pm rent, but also that I dont have to invest 50k into it ?
Hope this makes sense!