Hosting the Olympics is not an easy task for any country, and like most people in London I will be dreading the massive influx of people, the suffocating crowded underground system and the heightened security on the streets that will make me feel like I’m living in communist Russia circa 1980. But there is a silver lining to be seen, even if being part of the biggest sporting event in the world is not enough for you.
You can earn extra money
With housing and parking being the most sought after commodities during the 2012 Olympics, many home owners are cashing in on what is quickly becoming the Olympic Gold Rush. And while many of us have heard about renting out our spare room during the Olympics, most of us are unaware that there’s an almost hassle free option to renting your property during the Olympics, and that’s renting out your car parking space or garage. Yup, you heard me right. The Olympics are not just causing demands for accommodation to soar, but also demands for parking spaces, resulting in some people dubbing the Olympics ‘The Parking Gold Rush’. And contrary to popular beliefs’, it’s not just people living near the capital who can take advantage of the Olympic Parking Gold Rush.
Whilst most of the Olympics and the Paralympics will take place in London there are several other Olympic events happening across the UK too. At a glance the Olympics will be held in:
- London
- Coventry
- Newcastle
- Glasgow
- Cardiff
- Manchester
- Weymouth
So if you live near any of the Olympic event areas, it could be worth considering renting out your parking space or garage as there will be a high demand for parking before, during and after the Olympics. If you are unsure if the Olympics are coming to your area you can check it here: Interactive Olympics Map
And while renting out your spare room or property can be a tricky affair to manage due to all the legalities, renting out your car parking space or garage is a lot simpler, making it a great money making option during the Olympics. – Of course you will not reap as much money from renting your parking space compared to renting out your spare room, but you will enjoy a lot less hassle and no house guests. This alone makes renting out your parking space or garage a very attractive money making option to many busy Britons.
How much can I earn?
So how much money can you make from renting your parking space or garage? Naturally some areas will be more sought after than others, and whilst this varies, you can check roughly how much you can earn from renting your parking space or garage on the following websites:
Short Term Car Space Letting Guide
Long Term Car Space Letting Guide
Things to consider!
Although renting out your parking space isn’t as much hassle as renting your spare room, it’s not always plain sailing either, and there’s a small risk you could fall short on both income tax & council regulations, as well as on protecting your liability. Therefore it’s a good idea to check the HMRC website as well as your local council’s website for information about rules and regulations BEFORE you start:
It’s also worthwhile checking with your insurance company that renting your parking space or garage won’t affect your policy.
Remember…
The income you earn from renting your parking space or garage is taxable and you must declare this to the Inland Revenue on your tax return.
You are entering into a tenancy agreement. The fact that it’s ‘only’ a parking space or garage doesn’t change the fact you are agreeing to let someone have access to your drive and they can come and go as they please accordingly. ALWAYS put your safety first, especially if you live alone, if you are elderly or if you are female. Make sure that you have a friend with you when you first meet any new potential tenant.
You will need to source alternative parking for yourself and your family during the time you are renting your parking space or garage.
Your neighbors may be affected too, so be considerate, especially if you share a driveway with your neighbor; talk to them in advance and tell them what you are planning on doing.
How to get started
Here’s a step by step guide to how to rent your parking space or garage:
- Check with your home insurance provider to ensure that renting your garage or parking space does not affect your policy or premium.
- Check with Inland Revenue to find out how to declare the extra earnings on your tax return.
- Check with your local council that you do not require any permits or additional documents before you can rent out your parking space or garage. If you need to submit additional documents to your local council or apply for any permits, it’s highly recommended that you send your documents by courier to ensure that they get there on time. You can find a listing of reputable courier companies like ParcelHero and Parcel2Go on the independent review site trustpilot.com. TrustPilot also shows you the existing customer reviews to help you chose the best courier service.
- Get a tenancy contract drafted up. Some of the websites below will let you use a template for FREE. It’s important to do this because you need to have a contract in place that confirms that you are not responsible for the new vehicle(s) and any items that may be left behind in them.
- Choose a site to register your parking space or garage on. Most sites will offer the same services, but please be aware that while some sites are free to use, other sites may charge commission each time they rent out your space while others only charge a one off fee of around £10.00 to register your details, so it’s really important that you look around for the best deal to suit you.
- Register your parking space on the site of your choice
- Start earning money from renting your parking space or garage
So now you know what to do and how to do it, there’s nothing stopping you from getting your garage and parking space ready for the biggest sporting event in the world! – And who knows, with the extra money you earn from renting your garage and parking space, you might be able to turn the Olympic madness into Olympic Gold!