Spare space could be very profitable

• Rent out your driveway or garage.
• Make up to £17,000 a year.
• Contact Park Let or Parkatmyhouse.com to advertise your space.

If you have a garage but no car, this means you could potentially rent out your garage for others to park in (if there’s a demand for spaces).

There are also other things it could be used for like letting bands use it as a rehearsal room… if you can stand thrash metal in your vicinity.

You can let your garage through a property-letting agent, particularly in major cities where hiring a garage can cost the same as a small flat!

Alternatively, put an ad in the local paper, local newsagent or on websites that cover your area. Even better, register with Park Let or Parkatmyhouse.com and let thousands of people know about your available space.

When deciding on your price, contact a few local agencies to see what they would charge for it.

On finding someone, draw up a contract that covers rent, damages (loss of keys etc) and the notice period for cancelling the contract. 

Renting out your driveway is even simpler. Put ads in local papers or in the local newsagent or even on your front gate.

If you live near a station, see if they will let you put a notice up there.

Then see how much the station car park charges per day and try to undercut them – crafty!

For Londoners, there are also websites like London Garages that deal solely in garage rental if you want to work through an agent.

Depending where you live, you can earn from £10 a day for a driveway in a suburb to £17,000 a year for a garage in Knightsbridge, London. I know - amazing!

Costs

Other than advertising costs and, perhaps, new locks and extra keys, there should be few costs.

Pros

This is another easy and non-intrusive way of making some regular money.

Cons

You could find that having someone else’s car in your driveway causes too much noise, dirt and nuisance long-term.

For band rehearsals, you would obviously have to have fairly distant neighbours and be able to put up with it yourself.

Getting started

Once you've cleared all of the junk out of your garage start advertising your space:

• Park Let
• Parkatmyhouse.com
• London Garages (London area only)
• Jobsgrapevine