If you live in a city or near a train station, airport or tourist location, then you can make some easy money by renting out a car space.
Many people prefer to park their car in a safe residential location rather than leaving their car in car parks. Some people (in parts of London) are earning £200+ per month!
Check out www.parklet.co.uk - a guide to see what you can charge in your area for parking.
Most sites to list your car space are free to list on, but check first before you list as some sites do charge a fee but you may get more visibility, check them out.
Remember, you do not require planning permission in the U.K to rent out 1 parking space and that is as long as it is not a nuisance to neighbours. Some Local
Authorities are claiming this is a ‘Change of Use’ and does require planing permission but so far the Government disagrees with this.
Check UK Government site at www.gov.uk which has the guidance on this.
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If you decide to let out a car parking space, then check out some of the the big parking sites, see below:
www.Justpark.com
www.Justpark.com
www.parklet.co.uk (check the price guide tool on this site for an idea of prices in your area)
Most of these sites process the parking fees but check first.
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If and when you do let out a car space then make sure you are covered with the following:
1. CONTRACT - many of the sites provide this for you but make sure it states your are not responsible for the vehicles or items left in the vehicle when parked at your place. Check out www.parkonmydrive.com, this site has a good useable contract.
2. INSURANCE - check your home insurance. Renting out a car space does not affect most home insurances, but check first.
3. INCOME TAX - You may be required to pay income tax on this income. At present you can earn up to £1,000 parking income but above this you may need to pay tax, check the HMRC. (www.gov.uk)
4. MORTGAGE OR RENTING - Most Mortage lenders are ok with this but check your Mortgage Lender, as you may need permission off to rent out your driveway and if you are in a rented property, check your tenancy agreement as you may require permission of your Landlord to rent out any car space.
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While every effort has been made to check the accuracy of this article, readers should always make their own checks.
The Author does not accept any responsibility for misstatements made or any misunderstandings arising from it.
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