If you live in a big town, close to a mainline railway station or near an airport and have a free parking space on your driveway you could be missing a trick to earn some extra income. with some websites suggesting you could earn up to £200 a month (depending on the area) just by letting somebody park in your drive or garage.
With city centre parking at a real premium these days, many commuters are looking for cheaper ways to get close to work without paying a hefty fee. Your driveway also provides a typically safer environment for commuters to leave their cars and a guaranteed space for them to park in.
Aside from the extra income, having a commuter’s car parked at your home also provides you with a few added bonuses. The main benefit includes having a car permanently parked outside your home, which acts as a good deterrent from burglars and comes in handy when you are away on holiday.
Unsure about how much you could rent out your free space? We have found a couple of online valuation tools that plot average parking prices and showcase actual spaces available in your area to give you a ball park figure of the going rate.
If you are thinking about letting out a space in your driveway or garage there are some points you need to consider. The first is insurance. www.money.co.uk advise that homeowners contact their buildings and contents insurance provider to see if it affects your current policy, especially if the commuter has access to your garage. The second point discusses the fact that homeowners should ensure that the vehicle owner has at least third party cover on their car to cover any damage they may cause to your vehicles when parking.
If you still have any questions about how to rent out your driveway, the costs, and how to legally cover yourself then please contact your local council for guidance.