Cash In Your Driveway
If you have a large driveway or empty garage, why not make the most of your space and rent it out?
If you live close to a city or big town centre or near to facilities such as an airport, sports stadium or tourist attraction, you may be sitting on a goldmine.
How much can I earn from my parking space?
Expect to achieve a rental income of around £7 a day if your home is within easy walking distance of the centre of one the UK's larger towns or cities. If you are renting on a monthly basis expect to earn around £85 per month.
£85 is the equivalent of £1,020 a year. If you can accommodate two vehicles on your driveway that makes £2,020 a year! That's a lot of money for little exertion on your part.
These figures will vary from city to city. Northern cities such as Sheffield and Stoke will fetch around £5 per day. Whereas renting out your driveway in southern cities such as Reading and Bristol will earn you around £8 a day.
Some Councils require their residents to submit a planning application, along with a £385 fee, before they can rent out their driveway or garage. Although recent Government guidelines frown on this practice, which has been labelled a Council "driveway tax" by the Local Government Minister Eric Pickles MP.
What are the downsides to renting out my driveway?
The obvious downside is that the parking space needs to be made available to the tenant when they need it.
Your neighbours may take umbrage to you renting out your driveway.
You will need to check with your insurer as to whether renting out a parking space will impact on your buildings insurance, particularly if you are renting out your garage space.
The income on the rent you receive from your parking space is taxable.
Taking it Further
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