A man has shared how he earns approximately £20,000 per month by leasing out garages and parking spaces. Barrie Taube, a 48-year-old property investor and surveyor, charges between £50 to £150 per month for garages and £30 to £60 for parking spots.
Currently, he manages 150 garages and 300 parking spaces in various locations such as Essex, the Midlands, Nottingham, London, and the South East through his company, Southern Land Securities Limited.
In addition to this venture, Mr. Taube also rents out properties but finds garages and parking spaces easier to handle. He mentioned to the i newspaper that these spaces require minimal maintenance, usually limited to the roof, walls, and garage door. Tenants agree to maintain the space as per the lease terms.
The man explained that garage prices typically range from £10,000 to £30,000, but in exclusive areas, they can cost hundreds of thousands of pounds. For instance, a garage in Mayfair could cost £200,000 to £300,000 and generate approximately £500 in monthly rent.
Previously, the Mirror featured a story about Mark Newman, who earns an extra £250 during football seasons by letting fans park on his driveway near Hillsborough Stadium, home to Sheffield Wednesday FC. He charges £10 per match for driveway use after starting this sideline business when a fan approached him for parking.
If considering renting out a parking space or garage for extra income, remember that any earnings exceeding £1,000 annually are taxable. This amount falls under the trading allowance, and if surpassing it, individuals may need to report the income to HMRC through self-assessment. Other reasons for self-assessment filing may also apply.