Your driveway is probably an under-valued asset, because even if you keep your own car on there may well be opportunities for you to generate some much needed cash with only a little bit of effort. Here’s how:
Rent it out long-term
If you’ve got spare space on your driveway, you could rent it out as a long-term parking space to someone who either needs a temporary or permanent parking space.
Many car owners find themselves temporarily in need of a parking space to keep their pride and joy on because they are between homes or (and this resonates with me…) they’ve bought too many cars for the space they have immediately to hand.
Parklet.co.uk charges a commission of 20% (plus VAT) plus a one-off admin fee of £25 (plus VAT) in the first month, making it suitable for this kind of long-term let.
What can you do about anti-social parking?
If you live near an airport, then you are ideally located to rent out a space to holiday makers and business travellers alike, both of whom will pay good money to leave their car with you for a few days.
Parkonmydrive.com is just one example of a business that puts drivers in touch with homeowners who are willing to rent all of part of their driveway. It charges a one-off annual fee and no commission, making it a good choice for people who anticipate having lots of short-term lets.
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Commuters are always on the lookout for a cheap parking space.
You don’t even need to be close to the city centre, because many are happy to park a few miles out as long as they can jump on a train or bus for the final leg of their commute; many will appreciate the safety and security of being able to leave their car in a quiet residential area rather than an isolated parking lot on the edge of town that is a crime hotspot because criminals know that no one goes there in the daytime.
If you leave home early and arrive home late you might never even see their car, making this a viable option even if your driveway is tiny and only normally has space for your car.
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If you live near a sports stadium or other venue where large crowds regularly gather you could rent out a space for the day or evening.
JustPark.com claims to have 750,000 users who can choose how long they want to park, with spaces available from half-an-hour upwards. It is also free to list your space, and the person who parks their car, not the homeowner, pays their fee.
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The small print
Don’t forget that any income you make must be declared. You should also check with your mortgage company that it doesn’t have any objections.
Speaking of which, it would be sensible to check that your neighbours don’t have any concerns too, especially if you share a driveway with them.
You’ll also need to make sure that you have a contract in place with anyone who is paying to park their car on your property, and must make it clear who is responsible for any damage caused while their car is parked on your property.
(You should also check for yourself which parking company best suits your needs, as their listing on here doesn’t constitute a recommendation.)
Have you let out a space on your driveway? Whether it was an unqualified success or a total disaster we’d love to hear from you in the comments section below!
For more tips and useful information, browse our money articles.