A SAVVY mum has revealed how she makes £200 a month just by giving up her driveway.
With household bills at an all time high, people are having to rethink their finances and come up with clever ways to make extra cash.
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Mum-of-two Mandy Salt told The Times that she makes between £150 and £200 a month from renting out her driveway.
The 46-year-old lives just five minutes from Epping train station with her husband and two children.
She said that makes it an attractive spot for commuters to park.
The family list their driveway, which has space for three cars, on the website YourParkingSpace.
Mandy said it’s an “easy way” of making extra money.
She added: “I stopped work after having my second child, so it’s extra pocket money for me as I organise renting out the driveway.
“I think more people should consider renting out their drive, if they are fortunate to have off-street parking, as it’s an easy way to earn a little extra money.”
Tarek Fergani previously told The Sun that he made £400 between February and June from renting out his parking spot in Southsea, near Portsmouth.
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He also used the YourParkingSpace website, which he described as easy to use.
You enter some standard details such as your name, email address and the bank account you want to be paid into.
You also need to upload a picture of the picture of the spot so that renter know what they are getting.
But there are similar apps around, so it’s worth comparing with others before you sign up.
For example, some apps charge a fee per booking, where as YourParkingSpace charges 20% on the space instead.
ParkLet, another website for renting a parking space, charges 30% commission and VAT on daily bookings and 25% and VAT on weekly bookings.
It also charges a £25, one-off admin fee.
While Park On My Drive charges a fee of £20 per year.
If you are considering renting out a spot, it’s best to do some research to find out how much rival parking spaces are going for so you can make sure you’re competitively priced.
Overcharging means you’re less likely to attract regular business.
If you are considering renting out a spot, it’s best to do some research to find out how much rival parking spaces are going for so you can make sure you’re competitively priced.
Overcharging means you’re less likely to attract regular business.
If your parking space is in a communal or shared area, it’s worth checking out whether you’re allowed to rent it out under the terms of your lease – and speak to any neighbours who might be affected.
YourParkingSpace estimates that on average its users make around £500 a year.
Those with space to let in London pocketed the most last year, according to its figures, followed by Manchester, Bristol and Liverpool.
And a major perk about renting out your driveway is that you can get some extra income without paying any tax.
Under the property allowance, you can make up to £1,000 from renting out space on your property such as a driveway, shed or garage.
You should also check your insurance to make sure hiring out your space doesn’t invalidate your policy – if in doubt, speak to your provider first.
We’ve previously looked at all the ways you can make extra money including get paid for surveys or pet-sitting.
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