Do you have a driveway or a garage that is not in
use? Would you like to earn some extra cash by renting it out? We all
know how expensive private and public car parks can be, and there are
thousands of people who commute to work each day who are desperate for
a cheaper alternative. Renting out your drive or garage could be the
solution and you could earn up to £300.00 per month simply for
letting it out (depending on which area you live).
So how do you go about renting your drive or garage? The first step
is to register with a parking space letting agent, such as 'Park
Let'. You simply join their website for free and they find you the
Once you sign up and agree to their terms, you become the 'landlord'
and they will find you a suitable 'tenant'. They do all the advertising
for you and arrange viewings with prospective 'tenants' on your behalf.
They produce a professionally drafted contract designed to protect you,
which you will have to agree to and sign. Their most popular contract
is on a rolling monthly basis. The two options are:
1. Let your space 24 hrs a day 5 days (Monday to Friday)
2. Let your space 24 hrs a day 7 days a week. (Monday to Sunday)
Your tenant will be provided with a unique, clearly visible parking
permit, for recognition and control. They collect your money on your
behalf so you won't have to worry about not getting paid.
They also offer short term renting, which is designed
specifically for daily or event parking.
Here are the key features of the Daily programme:
Let charges you 15% commission for their services plus VAT. Please
bear in mind that on the first month you will be charged an additional
one off fee of £25.00 plus VAT admin fee.
If you wish to cancel your agreement you must notify
them via email. You will be given details of the 'notice period' required
with your Lease Agreement. Please read your agreement carefully and
only go ahead if you are happy with their terms and conditions.
If you'd like to find out more, you can visit their website here
where you can use their 'Live Price Guide Tool' on their site to find
out how much a car parking space or garage is worth in your area.
Please make sure that you read their FAQ section to
familiarise yourself with their set-up before committing to any contract.
Finally, do make sure you check with the Inland Revenue
for tax purposes before renting out your garage. You can use this
link to contact them.