If you own a property that comes with off-street parking but don’t own a car, it may almost seem like a missed opportunity or waste of space. Many overlook the possibility of letting out the space on your driveway, however it can be a lucrative way of earning additional income which could be vital at a time when everyone’s finances are stretched.
Depending on location, you make around £2,000 a year from doing so, with desirable locations such as London earning you the most for your spot. If you live near an airport or other prime transport location, you could even earn up to £17,000 a year.
Even if you own a car but are not necessarily fussed as to whether you keep it on the drive, you could still rent out your driveway if you are looking for some extra cash. In this article, we’ll guide you through the process of letting out your drive and the advantages and disadvantages to help you decide whether it’s right for you.
How do I rent out my driveway?
There are a number of ways to let out your driveway. One of the easiest ways is to sign up to Your Parking Space, a website which also promises to plant a tree for every space booked.
Through their site you can select the location and length of time you’d like to let out your parking space, varying from hours to months.
Other sites offering similar services include JustPark and Stashbee.
To register your account, you’ll need to enter your personal and bank details. It’s free to list your space. If it isn’t being used, it’s very nice to see money being earnt with such little effort.
Other ways include advertising in a local paper, or through word of mouth through family and friends to help get you a reliable tenant for your parking space.
Quite simply, renting out your parking spot, is a quick and hassle-free way to make money. If you’re not using the space anyway it is good to get some value out of it.
You can build local connections. A lot of the time, people who will be renting out your space will be other local residents who live nearby who don’t have a parking spot. This enables you to meet new people or possibly find new business connections.
It’s an easy and flexible way to make money. You get to decide how long you rent out your spot for and there is little to no admin or paperwork involved!
Unfortunately, the taxman will want a cut of your earnings on money you earn through letting out your driveway. From a tax perspective, money earned from renting out a parking space is treated the same as any other rental income from property in the UK.
Another downside is that unless you rent to a family member or friend, you never truly know who will be occupying your spot. They may have a noisy car and choose to start it at unsociable hours, or you may end up with an eyesore like a caravan parked in front of your home. They may also be difficult to deal with on a personal level, so this is something you ought to prepare yourself for. Worst case scenario, you should be able to terminate the agreement give you provide sufficient notice.
If you have a parking space but do not use it, the benefits of renting it out can often outweigh the disadvantages, especially if you need the extra money. It’s a simple and easy way to make more money on the side and the potential disadvantages can be overcome easily as you are largely in control of who you rent to and for how long.
This article was written by an online estate agent House Sales Direct. If you wish to sell your house fast and for free, then head over to the House Sales Direct website for more property related information and enquiries.