Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60
A man has explained how he makes around £20,000 a month by renting our garages and car parking spaces. Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60.
He now owns 150 garages and 300 car parking spaces across Essex, the Midlands, Nottingham, London and the South East, through his business, Southern Land Securities Limited.
Mr Taube also rents out properties, but says garages and car parking spaces are often simpler to manage. He told i newspaper: “There’s not much to maintain, just the roof, walls and the garage door.
“If the roof is leaking, you make the decision whether to mend it but, in general, when someone signs the lease, they agree to maintain it and to give it back in the condition they rented it in.”
He explained how a garage can normally be bought for between £10,000 to £30,000, although if you go for somewhere really expensive, they can run into the hundreds of thousands of pounds.
For example, Mr Taube said a garage in Mayfair could cost you between £200,000 to £300,000 and this would make you around £500 a month in rent.
The Mirror previously spoke to one man who makes an extra £250 every football season by renting out his driveway. Mark Newman lives near Hillsborough Stadium, the Sheffield Wednesday football stadium, and charges £10 per match for use of his driveway.
He started his side-hustle after he received a knock on the door from one football fan, who wanted to enquire about parking at his house.
If you’re planning to rent out a parking space or garage as part of a side hustle, keep in mind you must pay tax on any income earned over £1,000 a year. This is called your trading allowance.
If you make above this amount, you may need to declare this to HMRC through self-assessment. There are many other reasons why you may need to fill out a self-assessment form, which include:
- Your income from renting out property was more than £2,500
- You earned more than £2,500 in untaxed income, for example from tips or commission
- Your income from savings or investments was £10,000 or more before tax
- You need to pay Capital Gains Tax on profits from selling things like shares or a second home
- You’re a director of a company (unless it was a non-profit organisation)
- Your income, or that of your partner, was over £60,000 and you’re claiming Child Benefit
- You have income from abroad you need to pay tax on
- Your taxable income was over £100,000
- You’re a trustee of a trust or registered pension scheme
- Your state pension was more than your personal allowance, and your only source of income