Parking is the downside of the convenience of car ownership and everyone knows how difficult and expensive parking close to work can be.
Not everyone finds the bus or train to be a convenient, comfortable or cost-effective way of getting to work. However, one solution has been staring us in the face for years. Some homeowners live near the station, or near other people’s place of work. And many of these homeowners have off street parking which is unused during the day as they themselves are at work elsewhere.
Many people are now waking up to the fact that they can let out their parking space during working hours. Rents range from about £50 a month in a provincial town to over £500 in central London, where congestion charges can also be avoided.
Think of the advantages. Firstly, the commuter may well be able to park closer to the station or workplace than might otherwise have been possible, saving time and an occasional drenching. Then there’s the financial saving. Rush hour train fares are notoriously expensive and the cost of parking on someone’s driveway can represent a fraction of this cost. Unlike car parks, you know your space will always be available.
One of the attractions for homeowners is not just the money, but the added security in having at least one car parked outside the property during the day, particularly in more expensive areas.
But before rushing in to rent out your driveway, you might want to vet the type of car gracing it and do consider the insurance and additional income tax implications.
In an ideal world we would all use public transport, but where this is not an option it’s good to know there might be a viable alternative.