The money-saving experts explained how people with driveways could get money
People with driveways might be able to make up to £200 a month, according to consumer experts. MoneySavingExpert (MSE), founded by journalist and broadcaster Martin Lewis, often shares money-saving and money-making tips for the public.
According to a previous blog post from the MSE team, some homeowners might be able to earn money from their driveways. The experts explained that it’s possible to rent out your driveway on parking sites and apps, where motorists can pay in order to use your spot.
The idea won’t be suitable for everyone. For starters, you’ll need your own off-street parking spot; you can’t sell a residents’ parking permit, MSE warns. But for people who can list their parking spot, there’s money to be had.
While the payout will depend on where you live, people with homes near train stations, hospitals, airports, or stadiums could make hundreds every month. MSE said: “Depending on your area, you could net up to £200/month (more in some places, eg, parts of London) just for letting somebody park in your drive or garage.
“The most covetable spaces tend to be in city centres, but you can still make serious cash elsewhere. If you live by a big transport link such as an airport or railway station, or even a football ground, it’s worth a quick valuation.”
As MSE explained, it’s usually free to list on the sites, but they may take a cut and fees from the money you make. Always check any local regulations before making a listing, as well as any insurance, income tax, liability, or mortgage issues.
MSE adds: “Some more officious local councils have deemed renting out your space a ‘change of use’ to your property and have asked for hefty planning application fees. But the Government says renting out one parking space without planning permission is fine in England, provided it’s not a nuisance to neighbours and there are no other major concerns.”
Saga also points out that homeowners could make cash by renting their parking space. In a blog, advice said: “It’s important to have an agreement between the owner of the space and the motorist parking there to spell out that you’re not responsible for the vehicle or its contents while it’s parked on your drive.
“A good parking rental website should have a legal agreement available that’s designed to protect both parties. Both drivers and space owners will then need to enter into when they sign up for the service. It will be available to download and it’s wise to read it through before you commit.”
The latest advice on Gov.uk says: “The government’s view is that it should be possible to rent parking spaces without planning permission, provided there are no substantive planning concerns such as public nuisance to neighbours.
“There is a public interest from such renting, by providing more cheap and flexible parking spaces for people to park their car and taking pressure away from on-street parking.”
This article does not constitute legal advice.
