If you don't need your driveway, somebody else will pay you for it

Motorists will fork out for parking. Greg Walton and Julian Knight report

In most of Britain's big cities and near mainline railway stations elsewhere, parking is at a premium. Some central London car parks charge more than £350 a month for spaces and even outside the capital monthly fees of over £150 are common.

But the motorists' misery could be the homeowners' money-spinner, as those with a driveway or garage can rent out their little bit of tarmac for a tidy profit.

The first thing to take into account when renting out a drive or garage is how often you actually use it. If you don't have a car, it's unlikely to be a problem. But if you do, you will have to park elsewhere while your drive or garage is rented out. This may involve finding parking close to work or buying a resident's permit. Secondly, you have to find the right tenant. Some take out adverts in local papers or put postcards in a newsagent's window; others advertise online through general listings websites such as craigslist or gumtree. A more focused way of finding a tenant is through sites such as Parkatmyhouse, parkonmydrive, yourparkingspace and parklet.

These sites promise to put tenants and landlords in touch and offer useful advice and tips. Yourparkingspace is free to use; parkonmydrive charges an annual £5 fee while Parkatmyhouse and Parklet charge 15 per cent commission on the rent paid in return for extra services.

Parkatmyhouse, for instance, offers a downloadable contract for both parties to sign and a mediation service in case of disputes. The site also offers an online space booking service which reduces hassle for the property owner.

All the websites encourage people to give as much detailed information as possible, including precise measurements, whether it is covered, any extra security, when space will be available and any minimum rental period.

Members then set their price and preferred payment method and can even add their own services such as refreshments or return airport transfers for holidaymakers to entice potential customers. The most successful listings on the sites carry photos.

However, there are tax issues that people renting out have to be aware of, as Andrew Bennett at HM Revenue & Customs (HMRC) says: "It should be taxed like any income if you're already earning above the personal threshold. If it is irregular, say a couple of days during the Olympic Games, then I don't think it would be an issue. But if the space was regularly let out to a commuter, for example, then that would be a different issue."

Another concern is who would be liable should something happen to the tenant's car. Erica Nelson at Direct Line says: "In cases of rented driveways, the car owner would have to prove that the homeowner was negligent in causing damage to the vehicle. However, home insurers might not cover a claim for damage to a car, as it could be considered a 'business use' and therefore excluded."

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

Finacial products from our partners
Property search
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Recruitment Genius: Claims Administrator

    £16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

    Recruitment Genius: Senior SEO Executive

    £24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...

    Recruitment Genius: Online Customer Service Administrator

    £16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...

    Recruitment Genius: Digital Marketing Executive

    £18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...

    Day In a Page

    Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

    Fishing is on Nigel Farage's mind

    Ukip leader casts a line to the disaffected
    Who is bombing whom in the Middle East? It's amazing they don't all hit each other

    Who is bombing whom in the Middle East?

    Robert Fisk untangles the countries and factions
    China's influence on fashion: At the top of the game both creatively and commercially

    China's influence on fashion

    At the top of the game both creatively and commercially
    Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

    The man known as GOD has a reputation for getting the job done

    Lord O'Donnell's three principles of rule
    Rainbow shades: It's all bright on the night

    Rainbow shades

    It's all bright on the night
    'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

    Bread from heaven

    Dutch survivors thank RAF for World War II drop that saved millions
    Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

    How 'the Axe' helped Labour

    UK will be 'run for the wealthy and powerful' if Tories retain power
    Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

    The price to be paid for challenging the rule of extremists

    A revolution now 'consuming its own children'
    Welcome to the world of Megagames

    Welcome to the world of Megagames

    300 players take part in Watch the Skies! board game in London
    'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

    Charlotte Gainsbourg on 'Nymphomaniac'

    Starring in one of the most explicit films ever
    Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

    Robert Fisk in Abu Dhabi

    The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
    Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

    Vince Cable exclusive interview

    Charging fees for employment tribunals was 'a very bad move'
    Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

    Iwan Rheon is returning to his Welsh roots

    Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
    Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

    It's time for my close-up

    Meet the man who films great whites for a living
    Increasing numbers of homeless people in America keep their mobile phones on the streets

    Homeless people keep mobile phones

    A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before