What do I need to do to rent out our extra driveway for storage?
At our house, we have 2 driveways. The extra driveway runs next to our house and is fairly long. Would it be ok to rent it out to someone who owns a boat or RV and needs to store it? Would I need a permit or anything special to legally do this? Also, if anything happens to their boat or RV while on my property, would their insurance cover it or would it have to be mine?
Don’t need a permit, but need to find out if local ordinance precludes having RV or boats in driveway–some do. You should have a simple lease agreement and should state that they must insure item and that you are not responsible to any damage to it while parked there. Always collect rent in advance, usually get 3-6 months at a time with such items. Require that they have to move it upon your request, with 24 hours advance notice to them, or that you have permission to move it with 24 hours advance notice to them. That way if you need access, you can get it.
If you live in a house with an HOA, check your CC&R’s because you probably cannot do this without catching some flack from your HOA.
As far as insurance goes, you would have to check with your agent. If a tree branch falls on this item or it is stolen out of your driveway, who pays? You are entering a storage agreement, so this is a business, you may be required to carry a liability rider if your tenant gets hurt on your property or if the stored item is damaged. This may cost you more than you are going to make by renting the driveway.
References :
Oregon Realtor
Don’t need a permit, but need to find out if local ordinance precludes having RV or boats in driveway–some do. You should have a simple lease agreement and should state that they must insure item and that you are not responsible to any damage to it while parked there. Always collect rent in advance, usually get 3-6 months at a time with such items. Require that they have to move it upon your request, with 24 hours advance notice to them, or that you have permission to move it with 24 hours advance notice to them. That way if you need access, you can get it.
References :
longtime LL
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