Strap yourselves in wannabe petrol heads. With the help of money saving expert, Martin Lewis, Book Theory Test Today is hitting the road with 50 top tips that will cut your motoring costs. Tune in each & every week for a new tip and remember to share with friends and family and slash the cost of motoring.
This week we’re looking at turning your driveway into a cash generator. It’s a great way to make money and cut the cost of motoring for you.
Cut the cost of motoring tip #18 – Make money from your driveway
Book Theory Test Today says: “Has it ever dawned on you that you can make money from your driveway when you’re not using it? It’s been trending for a while now and it’s a great way for motorists to make a bit of cash and cut the cost of motoring in the process.â€
Renting out your driveway is especially ideal if you live in close proximity to a major transport hub such as an airport or a train station. It’s also advantageous if you live in a city. Why? Because parking is pricey at these locations so motorists are on the lookout for a space that will cut the cost of motoring for them.
It’s not uncommon for people who already do this to earn around £200 per month. Money expert, Martin Lewis, reveals some of the best sites to advertise your driveway on the ‘Money Saving Expert’ website. Terms and conditions of these sites vary, so Book Theory Test Today recommends checking them thoroughly and reading the safety guidelines.
Can I find out how much my driveway is worth?
Yes, you can get a quick indication of how much yours is worth by making use of clever online tools that provide estimates. You can find out how much other people in your vicinity are charging for long-term [say per month] and short-term rental [say per day], and price yours accordingly.
For long-term renting, Money Saving Expert recommends Park Let’s and for short-term renting, Just Park. However, renting out your driveway is not all straightforward; you have to be aware of income tax and insurance issues.
There’s also the issue of neighbours. If you share a driveway with another resident, Book Theory Test Today recommends giving them the heads up about your intention to rent out your parking space. After all, if someone renting your space damages a neighbour’s car, you could be liable.
Likewise, you need to check that you won’t be liable if the vehicle of someone renting your driveway is damaged.
However, if all is executed correctly renting out your driveway is a useful way of making some extra cash and cut the cost of motoring for you. Â Â
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