A PENSIONER has described how she has made £100’s a month by renting out her driveway.
Becca, 66, from West London made an extra £1,000 in her retirement with this simple side hustle.
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Becca decided to rent out her driveway after her neighbour would always park in her spot for free.
The savvy pensioner found JustPark online which is a company that matches up drivers with parking spaces through its website and mobile app.
Speaking to The Express, she said: “I looked at what everyone else was charging and just charged a bit less so I could get lots of business.
“I have the lowest rate in the area, so I come up first and get continuous bookings.”
Becca made £1,100 in 2022 by renting out her parking space through JustPark, and on average she makes around £200-240 a month.
According to JustPark, there is around £1.85million in unclaimed earning potential for Brits due to the increased demand for parking spaces.
So there could be an opportunity for more people to cash in with this quick and easy side hustle, especially for those living near train stations, bus routes and stadiums.
Becca explained that it is very easy to sign up and get started, and each user can set their own rates and charges.
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Drivers can book each day at a time or they can make multiple bookings at a discounted rate.
Anthony Eskinazi, CEO and Founder of JustPark said: “We hope that Brits recognise the untapped goldmine that is their driveway.
“With members of the JustPark community able to earn up to £5,000 a year, our app is the simplest way to supplement your income, whether you are saving for a rainy day, or looking for some support during the ongoing cost-of-living crisis.”
What else to consider
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.
You should also check your insurance to check hiring out your space doesn’t invalidate your policy – if in doubt, speak to your provider first.
And it is a good idea if you can find someone who would like to rent your space longer term.
Sometimes people are happy to rent for a month at a time or even longer that way you are guaranteed more of a steady income.
Tax rules around earning extra income
It’s worth remembering that anything you earn with an extra income like this can be taxed.
You can earn up to £1,000 without paying tax thanks to the trading allowance.
The odd jobs you can claim tax-free include money made at car boot sales, online selling or auction, according to HMRC.
It could also include money made from food delivery or by charging other people for using your equipment or tools.
Once you earn more than £1,000 a year, you need to complete a self-assessment tax return and start paying tax on your extra earnings.
How much that is will depend on how much you already earn.
Becca is not the only one who is cashing in on this simple side hustle.
One homeowner has managed to make £69,000 renting out parking spaces
And somoene else managed to make £400 by renting out his spot after selling his car.
We’ve previously looked at all the ways you can make extra money including get paid for surveys or pet-sitting.
This post first appeared on thesun.co.uk
