Sell parking spaces... official MoneySavingExpert.com discussion

StevenDr

I use park at my house and have been using them for months. I rent my parking space out for £50 a month and pay £7.50 in charges to the website. I rent it to an estate agent who pays by direct debit every month. It's not a huge amount of cash, but it's a useful regular supplement.

A_Phoenix_of_Tangerine

I guess it's really dependent on where you live, and the general demand / price of public parking in your town. I haven't heard anything back since I listed my space, despite writing a nice bit of blurb, setting the price slightly lower than others, and the space benefiting from CCTV and lighting, etc...

StevenDr, for you to have been successful in securing your long-term parking space tenant, are you listing your space at a significantly lower rate than other members, or is it in a prime location?

StevenDr

Phoenix,

you're a wise owl. My parking space is in Highbury, north London and I do offer it at a discount. Most of the rates around me were for £100 a month, or close to that, when I looked. I'm renting mine out at £50 a month.

Puffin74

Sounds a good idea - maybe I should rent out my drive to my neighbour who insists on blocking the pathway with his car??!

dispassionateview

My home insurer, Policy Expert, won't cover renting out my driveway as it will invalidate my insurance. I also tried the British Insurance Brokers Association for advice and they said it is unusual to have insurance that covers both the home and driveway for business/income purposes. So I'm not sure how contracts from Justpark etc are compatible with home insurance.


I would like to know how other people have done this successfully.

Browntoa

Now I'm post 39

Jabba_flabba

dispassionateview wrote: »

My home insurer, Policy Expert, won't cover renting out my driveway as it will invalidate my insurance. I also tried the British Insurance Brokers Association for advice and they said it is unusual to have insurance that covers both the home and driveway for business/income purposes. So I'm not sure how contracts from Justpark etc are compatible with home insurance.


I would like to know how other people have done this successfully.

In answer to your final sentence: Probably by not telling their home insurers and inadvertently invalidating their insurance.

Some people may know to query this with their insurers but some may not. It was only from reading the MSE page on renting your space that prompted me to query it with my insurer (L&G). Got the same reply as others, plus was told it would be considered business use. No option to pay a higher premium.

Unfortunately it seems the big driveway rental sites don't publish a list of drivespace-friendly home insurers.