HCInvesting
  • Home
  • How to Make Money
    • Adsense
    • Affiliate Marketing
    • General Site
    • Porn Site
    • Hosting
  • Themes & Plugin
    How to Install WordPress on Hostwinds Hosting – 2020 Guide

    How to Install WordPress on Hostwinds Hosting – 2020 Guide

    shopkeeper wordpress theme review

    5 Best WordPress eCommerce Themes in 2020

    Nulled Themes and Plugins, Should you use them on your WordPress site?

    Nulled Themes and Plugins, Should you use them on your WordPress site?

    making money aliexpress affiliate program

    How to Make Money With AliExpress Affiliate Program – AliPlugin Review

    thrive leads plugin reviews

    Thrive Leads Plugin Review 2020

    StatCounter Review 2020

    StatCounter Review 2020

    wp script porn adult tube review onlineadrian

    Best WordPress Porn Site Script / Theme – WP-Script Review

    create flash games website

    How to Make / Create Online Games Website – MyArcade Plugin Review

    mashable clone site wordpress theme

    How to Make Website like Mashable – Mashable Clone WordPress Theme

No Result
View All Result
HCInvesting
  • Home
  • How to Make Money
    • Adsense
    • Affiliate Marketing
    • General Site
    • Porn Site
    • Hosting
  • Themes & Plugin
    How to Install WordPress on Hostwinds Hosting – 2020 Guide

    How to Install WordPress on Hostwinds Hosting – 2020 Guide

    shopkeeper wordpress theme review

    5 Best WordPress eCommerce Themes in 2020

    Nulled Themes and Plugins, Should you use them on your WordPress site?

    Nulled Themes and Plugins, Should you use them on your WordPress site?

    making money aliexpress affiliate program

    How to Make Money With AliExpress Affiliate Program – AliPlugin Review

    thrive leads plugin reviews

    Thrive Leads Plugin Review 2020

    StatCounter Review 2020

    StatCounter Review 2020

    wp script porn adult tube review onlineadrian

    Best WordPress Porn Site Script / Theme – WP-Script Review

    create flash games website

    How to Make / Create Online Games Website – MyArcade Plugin Review

    mashable clone site wordpress theme

    How to Make Website like Mashable – Mashable Clone WordPress Theme

No Result
View All Result
HCInvesting
No Result
View All Result

Rent out your parking space to make money

HC Investing by HC Investing
in Make Money
0

Do you have a parking space but do not need to use it or do not have a car? You could be sitting on a goldmine.

rent out car parking space for money

Do you live in the city centre, near a lot of businesses, commuter links or even the local football ground? Chances are, someone is willing to pay you cash to park in your drive.

It might sound crazy, but depending on where you live you could snag a tidy £200 a month – or even more if you live in central London.

Yep, you heard right – £200 a month for doing absolutely nothing. And because you don’t need to do anything, you can still earn money while you’re away for Christmas or on holiday!

Here’s our guide to everything you need to know when starting your parking space empire…

Table of Contents

  • What’s on this page?
  • Can you rent out your parking space?
  • How much is your car parking space worth?
    • Is it worth buying a parking permit if you have a driveway?
  • How do you rent out a parking space?
    • 1. You need a proper contract
    • 2. You must consult your landlord
    • 3. You can’t rent out a space in the road
    • 4. You may have to pay tax on the income
  • Where to advertise your car parking space
    • Best places to list your car parking space
    • 1. JustPark
    • 2. ParkLet
    • 3. Park on My Drive
    • 4. YourParkingSpace
    • 5. Gumtree
    • 6. Advertise offline

What’s on this page?

  • Can you rent out your car parking space?
  • How much is your car parking space worth?
  • How do you rent out a parking space?
  • Where should you advertise your car park space?
For a few more ways to rake it in by doing nothing, check out our guide to making cash in your sleep.

Can you rent out your parking space?

can you rent your parking space

Credit: Warner Bros

In short, probably! There are a few things to consider first, though:

  1. Can the space legally be used without a permit (such as a space on a driveway or in a garage)?
  2. Do you legally own the property, or have permission from your landlord to rent out the space?
  3. Can the space be accessed without the use of a key, code or fob?

If the answer to all of the above is ‘yes’, then the chances are that you can rent out your parking space without an issue!

However, even if you’ve answered ‘no’ to a couple of the questions, don’t lose hope just yet.

Spaces that require a council parking permit are an absolute no-no for renting, but non-council permit spaces can be rented. You might find these spaces at places like churches and schools, and although it’s unlikely that a student house would come with one, we wouldn’t like to say for sure that they won’t!

Of course, even if your permit space isn’t controlled by the council, you will need to check with whoever owns the space before renting it out.

Similarly, having some kind of barrier to access the space (like a key or a fob) isn’t the end of the world.

All it means is that you’ll need to be there when the driver arrives or have a key safe nearby to hand over the key (and to collect it when they leave), or in the case of a code lock, contact them beforehand to let them know the combination.

How much is your car parking space worth?

find out value of car park space

Credit: 20th Century Fox

Depending on where you live, the amount you can charge for your space will vary dramatically. And when we say vary, we mean £50 – £500 kinda vary.

Of course, when you’re a student, even the lower end of the scale represents a welcome injection of cash!

To get a rough idea of just how much you might expect to earn, decide which service you want to use and see how much people are renting out their space for.

Don’t take it as gospel though – waving around an expected fee like an excited chicken doesn’t mean people will actually pay it. Think of the value as a guide to see if it’s worth your time.

Is it worth buying a parking permit if you have a driveway?

If you live on a road where parking permits are required, but you also have a car and a driveway, see if it’s worth buying a permit for yourself and renting out the driveway.

Permit parking is typically found in areas where spaces are in high demand, such as high streets and commuter links. This means that you’ll likely be able to charge more for your driveway space than it’ll cost you (a local resident) to buy a permit on the road. Profits!

Been given a parking ticket that you feel was unjustified? Find out how to appeal your fine!

How do you rent out a parking space?

how to rent out your car parking space

Credit: 20th Century Fox

Before you go all out and let that space roam free, there are a few important things to tick off your checklist.

Although legal stuff can sound proper fiddly, we promise it’s not that hard, and it is super necessary.

1. You need a proper contract

Yes we know, it’s just a driveway. But legally you’re seen as a landlord with tenants (and responsibilities). At least you can put it on your LinkedIn, eh?

The main thing is to make sure you clearly state that you’re not responsible for the vehicle or its contents. No one wants to fork out for a new Jag that they don’t even own.

Some sites will help you out with this, but you can also find templates online.

2. You must consult your landlord

If you’re renting the property itself, you need to make sure you’re actually allowed to rent out the parking space.

This is technically sub-letting (which could be a breach of your tenancy agreement), so get some written consent from your landlord or agent.

3. You can’t rent out a space in the road

There’s a massive difference between renting out a private driveway or garage, and letting someone park on the road outside your house – even if you’ve got a spot on it.

As we explained earlier: the first one’s legal, the second one isn’t.

4. You may have to pay tax on the income

Just like any other dollar that comes your way, the income will be taxable if it takes you over your yearly tax free limit (aka your personal allowance).

But don’t worry – it isn’t hard to work out if this applies to you, and paying it is pretty easy too. You can find all the info you need in our tax facts guide.

Where to advertise your car parking space

where to list car parking space

There are a wide range of sites to help you market your prized piece of tarmac (or bricks, or gravel, or… well, you get the idea).

We’ve only mentioned sites that are free to list on but be aware of their other charges, such as commission once the space is rented.

Here’s a few of the best and most popular sites that’ll help you advertise your space to as many people as possible.

Best places to list your car parking space

1. JustPark

just park rent out spaceA big player in the parking world, JustPark is one of the best options for people wanting to earn some money with minimum hassle.

They’ll sort out all the contracts for you, and their payment scheme means you don’t even need to bill the ‘tenant’ who’s parking in your drive.

They collect payments, and you can either manually withdraw your earnings or set it to pay you automatically, either weekly, monthly or quarterly.

There are no fees for signing up or listing a space, but JustPark will take 3% of any booking you receive. For any booking over two months, they’ll take 20% of the first month’s fee, and 3% for each month thereafter.

They also charge an additional 25% to the driver (if the booking is made through the app; it’s 30% if booked on the website) if the booking is for less than two months (10% if it’s longer than that).

For this reason you should be wary of not listing your space for too high a price, as buyers still have another whack of money to spend even after paying you!

Check out JustPark »

2. ParkLet

rent car park space parkletAnother solid contender, ParkLet, is perfect for people who are looking to rent out their car parking space for a longer period of time. That said, they offer a short-term letting service too.

They’re super keen to make the process as smooth as possible and will draw up necessary contracts and collect monthly rent on your behalf.

The only downside is they have some pretty hefty fees. You’ll pay 20% commission (+ VAT), as well as a £25 (+ VAT) admin fee when they find you a tenant (although listing your space is at least free). For that reason, the longer you rent it out for, the better.

Check out ParkLet »

3. Park on My Drive

park on my drive rent spaceThe name says it all with this one, and although they offer a pretty basic service, it does the job amply.

The big pro here is that you only get charged a yearly fee of £15 per space you rent, so depending on the amount of rentals you’re doing and the price they’re up for, this could turn out to be an excellent deal.

They also won’t charge you anything until the first booking enquiry is made, so there’s less risk of being out of pocket.

On the legal side of things, it has a parking space rental agreement that you simply need to print out and fill in. Easy as pie.

Check out Park on My Drive »

4. YourParkingSpace

your parking space rent outYourParkingSpace is one of the newer players in this market, but it still does everything you’d want it to.

The company offers a full management service, meaning they handle all questions and negotiations with the tenant, as well as organising and collecting the payments.

There’s no fee for joining YourParkingSpace, but like JustPark they charge the buyer an additional percentage of the cost as commission. They’ll automatically add 20% on top of whatever your set rental price is, but unlike JustPark, the final cost will appear in the listings.

Again, however, this means you’ll have to be careful about how much you’re charging for your space. If they’re whacking another 20% on top, it could quickly become too expensive for anyone to take an interest!

Check out YourParkingSpace »

5. Gumtree

Rent out car park space on GumtreeChances are you’ve probably already heard of Gumtree: the magical, mystical place where you can find everything from jobs to plant pots. Perhaps unsurprisingly, you can also list parking spaces too.

The massive bonus with Gumtree is that it’s 100% free. There’s no commission to pay, and no pesky listing fees (unless you pay to feature your ad, of course).

The obvious downside to this, however, is that you’ll have to sort out contracts and payments by yourself, which can be a bit of a hassle.

Check out Gumtree »

6. Advertise offline

You can have just as much success by placing an advert in the local paper or supermarket for a week, or even flyering neighbours with cars (target ones parked slightly awkwardly and without a driveway, of course).

If you live in a block of flats with a lot of neighbours, you could even put a notice on the front door or in the communal area (if there is one).

Once again, however, you will have to sort out all your own contracts and payments.

So, do you believe us now? This has got to be the easiest way to make money ever!

Check out our top tips for saving money on driving for more ways to cut the cost of owning a car!

Tags: can you buy a parking spacecar park for rentcar park space for salecar parking area calculationcar parking spaces for salehow much does a parking space costhow much value does a parking space add to a propertyparking space for rentparking spot for rentparking spot rentalprivate parking space rightsrent out car spacerent out my carrent out your carsomeone parking in my allocated space
Previous Post

Sheffield student copies financial traders to fund course

Next Post

How to make money from a film or TV extra

Next Post
becoming an extra

How to make money from a film or TV extra

eyecatching thumbnail and titles on youtube

How to make money on YouTube for students

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You might also like

how to become a mystery shopper

How to become a mystery shopper and make money

August 12, 2020
eyecatching thumbnail and titles on youtube

How to make money on YouTube for students

August 12, 2020
becoming an extra

How to make money from a film or TV extra

August 11, 2020
rent out car parking space for money

Rent out your parking space to make money

August 12, 2020
etoro portfolio

Sheffield student copies financial traders to fund course

August 12, 2020
become a professional wingman wingwoman

Make money by becoming a professional wingman or wingwoman

August 5, 2020

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Stay Connected

  • Home
  • How to Make Money
  • Themes & Plugin

© 2020 HCInvesting - Tips to Make Money Online.

No Result
View All Result
  • Home
  • How to Make Money
    • Adsense
    • Affiliate Marketing
    • General Site
    • Porn Site
    • Hosting
  • Themes & Plugin

© 2020 HCInvesting - Tips to Make Money Online.