Renting unused parking space in apartment

doughef

Hi guys

Basically, as the title suggests, we have a parking space in our apartments underground car park that we dont use.

Its very near the luas etc and I reckon someone might like to rent it, a commuter or maybe someone that has no space of their own.

Anyway.. what are the rules and regs for something like this? is it allowed or would you have to be a bit hush about it? :cool:

Thanks

Paulw

The management company own the spaces, so it would be up to them to allow or rent out any spaces. PL insurance would also have to be considered, for access, etc.

Ray Palmer

Not sure that is right. Technically the whole building is leased but you can still rent an apartment with out the "owners" permission. It is possible there is a specific policy on parking spaces being rented.

The management company don't generally own anything and are technically hired by the residents. I always foreget who is who on this but effectively you can have a number of situations. Generally you have a leasehold on the apartment with an owner of the building and a management company appointed by the lease holders. The owner can be a co-op of the owners of the leases and is normally where it leads to after time.

Not 100% on that

Penguino

doughef wrote: »

Hi guys

Basically, as the title suggests, we have a parking space in our apartments underground car park that we dont use.

Its very near the luas etc and I reckon someone might like to rent it, a commuter or maybe someone that has no space of their own.

Anyway.. what are the rules and regs for something like this? is it allowed or would you have to be a bit hush about it? :cool:

Thanks

Just rent it. Make sure you get a deposit off the user for the cost of the buzzer.

It is seen as a form of income which you may have to pay tax on but I'm no expert in that field.

Paulw

Ray Palmer wrote: »

The management company don't generally own anything and are technically hired by the residents. I always foreget who is who on this but effectively you can have a number of situations. Generally you have a leasehold on the apartment with an owner of the building and a management company appointed by the lease holders. The owner can be a co-op of the owners of the leases and is normally where it leads to after time.

Not 100% on that

Not 100% is correct.

The Management Company own the development. The management company is made up of all the unit owners, who are members/shareholders in the management company. They hire a management agent who runs the development on a day to day basis.

The management company own the common area (including the parking). You would require the permission of the management company to rent out a parking space, especially in an underground car park, due to security and insurance concerns.

Now, the management company (via the management agent) may have no issue with you doing this, but you still need their permission.

doughef

Thanks for all the replies guys..

I'll have an oul think about it..

Cheers!!

LaBaguette

A lil' bump on that, I'm in a similar situation - space to rent, management ok with it - but I'd like a bit more advice on how to proceed.

What kind of deposit/guarantee do one asks for ? I'll have to hand out a access card for the parking and a general key to the building, what if the guy I'm renting to vanishes with the key ? Or do I just trust my common sense and instinct when picking the person I'm renting to ?

I've never done that before, so I'm slightly worried and I'd appreciate any stories on how you guys proceed !

Cheers

Victor

Commercial rent tend to be paid quarterly in advance and 3 months deposit.

mari2222

It is possible that the use of the car parking is dictated by the planning permission under which the development was constructed.

The condition may limit the use or users in some way.

Dandelion6

I take a deposit to cover the cost of the buzzer. Have had a few different "tenants" over the years and no hassle with any of them.

The Big Red Button

Victor wrote: »

Commercial rent tend to be paid quarterly in advance and 3 months deposit.

Hmm, I'm looking for a parking space in Dublin city centre at the moment, and there's no way I'd pay that much in advance! I'd be willing to pay a deposit to the value of the buzzer, and I'd pay the rent monthly in advance, as that seems to be the norm.

There seems to be no shortage of spaces available, so I can't see anyone being willing to hand over six months worth of rent upfront for a parking space!