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
Sunday 25 October 2009
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; request a free guide on NISAs from Hargreaves Lansdown
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits record low as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Germany sees 'visible rise' in support for far-right extremism in response to perceived 'Islamisation' of the West
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
Day In a Page
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens