AD | A good way to have more money - Did you know your driveway could be earning you money?
Since 2015, weβve been occasionally renting out our spare driveway space β https://10ws.co/4qQSbgq and itβs been a good "set and forget" earner, now this isn't going to make you ultra rich (unless you live next to a football stadium or train station), but it might be a good little earner for you!
To be honest, our driveway isn't exactly a "hot property", we have plenty of free street parking around us and no major tourist attractions nearby. We also have had the listing paused for many years as we got a second car, so our results aren't typical.
Despite that, between 2015 and 2020 we had 21 bookings and earned Β£123.56 for doing basically nothing. Itβs not a fortune in our example, but if you happen to live near a stadium, a train station, or a town centre, I imagine youβd be seeing that kind of money landing in your bank account every single week or two.
Itβs a total win-win:
Earn: If youβre near a stadium, station, or town centre, you can make a significant amount. For everyone else, itβs probably going to be a nice bit of extra cash for little to no effort.
Save: We also use it ourselves to find cheaper parking for music gigs and trips. Itβs often cheaper than official car parks or the only option if others are sold out etc.
π You really want/need a good-sized driveway with a dedicated space, anything else, and it could be faff (this is why we stopped it when we got a second car).
π They have great reach and numbers of users so probably the best app to use, but they do take a 3% commission on space owner earnings when you rent out your driveway, pretty understandable and seems fair but worth remembering.
π Renting out 1 car park space in England is fine (the law is clear), but going over that can cause a 'change of use' and planning permission might be required. Outside of England it's a bit of a grey area.
π You probably need to check your home insurance and mortgage allows you to do this, a quick search of your policy or a quick call likely will confirm either way.
π Just a heads-up: if you earn more than Β£1,000 a year from your driveway, youβll need to let HMRC know and might need to file a tax return. This falls under the 'Property Allowance,' so anything below that is usually tax-free!"
π If you rent your home, you'd need to get permission from the landlord and knowing landlords they may want a % of your income!
How to maximise your income:
π You can set your prices per hour, day, week, or month or leave it up to their algorithm to price your space. It's worth having a look at what others are charging and what they offer so you don't undervalue or overvalue. You can also schedule pricing changes to allow you to optimise pricing for times when there might be large demand (e.g. during the Wimbledon tennis championship if you live in or around the area).
π Read the guidance, take plenty of good photos and take measurements if you're unsure or think things could be tight, there is no point renting a space out and then a big SUV arrives and they cannot fit and you end up having to refund them and miss out of a day of income.
π If you know you're having a gathering / party etc and need all the spaces make sure to update your calendar on the site well in advance, so you don't end up having no space for people to park and then lose out on your rating. You could also just limit it so it's Mon-Fri or only set hours in the evening etc so mitigate those concerns.
π Le Creuset 12 Piece Stoneware Rainbow Bowl and Plate Collection was Β£120 now Β£57.99 β https://10ws.co/4rszCiV (aff ad) - The plates alone are Β£85 elsewhere. βͺ Looking for something cheaper and less colourful? See these for Β£38 β https://10ws.co/3MgLuW0
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