We'll be honest: earning money through blogging isn't the simplest task. But the best part is that it's doable by everyone and looks fantastic on a resume. All you need to gain traffic and a following is something engaging to say, along with the necessary persistence and commitment. However, how do wealthy bloggers get paid? We spoke with a few of them to learn their money-making techniques. Our manual offers you a step-by-step strategy to launch your blog and turn it into a successful side hustle from home. ways to launch a blog When it comes to actually setting up a blog, you have two major choices: you may use a free blogging platform or build your own website. We'll go over both, listing the advantages and disadvantages of each. free platforms for blogging Best for: Novice bloggers and those who don't care to monetize their blogs. Pros: Free and really simple to start up. Cons: You typically can't add advertisements or utilize affiliate links, you can't ...
.
Do you reside in the commercial district, close to transportation hubs, or near a football stadium? There's a good chance that someone will give you cash to let them park on your driveway.
It may sound absurd, but depending on where you live, renting out your parking place may earn you as much as £200 per month. If you reside in central London, the cost can even be more.
Yes, you heard correctly: £200 per month for doing nothing. Additionally, since it is passive income, you can continue to make money even when you are on vacation or away for the holidays.
Here are all the details you require to rent out your parking space for cash.
Is it possible to charge for parking?
You can probably make money from a vacant parking space if you have one. But first, here are some things to think about:
Can the area (such as a spot on a driveway or in a garage) be used legally without a permit?
Do you have the right to rent out the area or has your landlord given you permission?
Is there a way to enter the space without using a key, code, or fob?
If "yes" to all of the questions above, you probably won't have any trouble renting out your parking place.
Don't give up hope just yet, especially if you responded "no" to any of the questions.
It is not possible to rent out spaces that need a council parking permit. However, locations with non-council permits are valid. A permit-required space could be found close to a church or a school. You'll never know until you ask, even though it's unlikely that a student residence would come with one.
Of course, even if the municipality doesn't have control over your space, you still need to get permission from the property owner before renting it out. Obtain your landlord's approval before renting a property if you're a renter.
Similar to this, it's not the end of the world if you need a key or a fob to enter the place.
It does imply, though, that you must be present when the driver arrives (and when they come to collect the car before leaving). You could also employ a key safe. Just be sure to get in touch with the driver ahead of time and inform them of the combination.
How much should a parking space cost?
The amount you can charge for your parking space will vary depending on where you live. You might receive anywhere from £50 to £500 each month.
Even the lower end of the scale is a welcome addition to your budget while you're a student.
Choose a firm to rent your parking space through and look at the prices other users on the site are charging to get a general sense of how much you could earn.
Make sure people will pay this amount before setting it. Consider the value as a benchmark to determine whether it is time-effective.
If you have a driveway, is it worthwhile to purchase a parking permit?
Do you live on a street where parking permits are required yet park your car in your driveway? You can decide whether renting out your driveway and purchasing a permit for yourself is worthwhile.
Permit parking is often found in high-traffic areas like commuter hubs and high streets where parking spots are in great demand. If you have a driveway, you might be able to charge more than it would cost you to obtain a road permit as a homeowner.
How to hire a parking spot
The following are the main points to understand before renting out your parking space:
You must have a valid contract.
We are aware that it is only a driveway. However, in terms of law, you'll be seen as a landlord with tenants (and responsibilities). It's something else to put to your LinkedIn profile, at the very least.
Make sure it is made very clear that you are not in charge of the car or its contents. Nobody wants to spend money on a brand-new Jaguar that they do not even own.
You can discover templates online, but certain websites can also be of use.
You should speak with your landlord.
Make sure you have permission to rent out the parking space if you are renting the home.
Technically, this is subletting. It's advisable to obtain formal authorization from your landlord or agent as it can constitute a breach of your tenancy agreement.
A lane in the road cannot be rented.
Renting out a garage or private driveway is different than allowing someone to park in front of your house on the street, even if you have a spot available.
The first one is lawful, but the second one isn't, as we have said.
On the income, you might have to pay taxes.
If renting out a parking space puts you over your annual tax-free threshold, the money you earn from it will be subject to taxation just like any other income (a.k.a. your personal allowance).
Be at ease, though! Finding out if this applies to you is simple. Our tax facts guide has all the information you require.
The best platforms for renting out your parking space
The following websites are the best for renting out parking spaces:
JustPark
One of the finest alternatives for those wishing to make some extra cash by renting out a parking place is JustPark.
As they will handle all the contracts for you, this website only demands minimal effort. You don't even need to charge the "tenant" who is parking in your driveway thanks to their payment system.
You have the option of manually withdrawing your money or setting it up to do so automatically when they have collected payments. Every week, every month, or every three months.
There are no costs associated with joining or listing a spot, however JustPark retains 3% of your reservation. They will deduct 20% of the first month's payment and 3% for each additional month from any bookings longer than two months.
ParkLet
ParkLet is ideal for individuals.
Individuals who wish to lease their parking place for a longer period of time. However, they also provide a short-term letting service.
They draft the relevant contracts, ensure a smooth transaction, and collect rent on your behalf.
The only drawback is that they charge some quite high fees. Although listing your room is free, you must pay a 30% commission (+ VAT) for fixed-term reservations lasting less than a week. For fixed-term reservations between one and 12 weeks, Parklet levies a 25% commission (+ VAT).
When they find you a renter, you'll pay a £25 (+ VAT) admin charge in addition to a 20% commission (plus VAT) on monthly contracts. The longer you rent it out, the better because of this.
Observe My Drive
This one's name pretty much tells it all. They provide a rather simple service, but it works well.
One significant benefit is that you are charged a £20 annual fee rather than a commission. This can end up being a great offer depending on how many rentals you conduct each year and the amount you charge for them.
Additionally, they won't charge you anything up until the initial booking inquiry. Nothing is on the line for you here.
It has a parking space leasing agreement that you must print out and complete on the legal side of things. Easy!
YourParkingSpace
Although YourParkingSpace is one of the more recent entrants to the market, it performs flawlessly.
The business provides a full management service, which entails handling all correspondence and discussions with the renter. Additionally, they manage and gather the money.
You may join YourParkingSpace for free. However, they add an additional commission fee to the cost for the buyer. The ultimate cost that appears in the ads will be 20% more than whatever your set rental pricing is because they will automatically add that amount on top.
As a result, you must be careful with the price you set for your place. For drivers, it can quickly become too pricey if they're adding 20% on top.
Stashbee
Stashbee offers users the option to rent out vacant rooms and garages in addition to parking places for vehicles.
You can charge an hourly rate as well as a monthly fee to rent your garage or parking space. Listing your parking space on Stashbee is cost-free. However, once you begin to receive bookings, they deduct 5% of your earnings.
In contrast to YourParkingSpace, Stashbee doesn't answer questions from visitors. You can get inquiries from prospective tenants, and you have 24 hours to respond before the request expires. Fortunately, if you don't answer right away, you can start it again.
Gumtree
It's likely that you've already heard of Gumtree, the enchanted, ethereal location where you may discover anything from jobs to plant pots. Unsurprisingly, you can list parking spots as well.
The fact that Gumtree is completely free is a huge perk. There are no listing fees or commissions due (unless you pay to feature your ad, of course).
This has the drawback that you will have to arrange contracts and payments on your own, which might be a bother.
Publish offline
A week-long advertisement can also be placed in the neighborhood newspaper or grocery store. Alternatively, consider using autos to deliver flyers to nearby neighbors (target ones parked slightly awkwardly and without a driveway, of course).
You could also post a note on the front door or in the communal area if you live in a flat building with many neighbors (if there is one).
However, you will once more be responsible for organizing all of your own contracts and payments.
Comments
Post a Comment