A man has shared his strategy for earning approximately £20,000 monthly by leasing out garages and parking spaces. Barrie Taube, a property investor and surveyor aged 48, charges £50 to £150 per month for garages and £30 to £60 for parking spots.
Through his company, Southern Land Securities Limited, Mr. Taube manages a portfolio of 150 garages and 300 parking spaces in locations such as Essex, the Midlands, Nottingham, London, and the South East. While he also rents out properties, he finds garages and parking spaces easier to handle due to minimal maintenance requirements.
According to Mr. Taube, garage purchases typically range from £10,000 to £30,000, with some luxury options costing hundreds of thousands of pounds. For instance, a Mayfair garage could command £200,000 to £300,000 in price, generating approximately £500 in monthly rental income.
Previously, the Mirror featured a story of a man named Mark Newman who boosts his income by £250 every football season by renting out his driveway near Hillsborough Stadium, home to Sheffield Wednesday FC. Newman charges £10 per match for driveway parking and initiated this side business when a football fan approached him for parking arrangements.
If considering renting out a parking space or garage for extra income, it is essential to be aware of tax obligations. Income exceeding £1,000 annually must be declared for tax purposes, known as the trading allowance. Individuals surpassing this threshold may be required to report earnings to HMRC through self-assessment.
