Tips To Make Money By Rent Out Your Parking Space

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Parking space is a big problem today especially near airport areas where parking demand is most due to number of travellers visiting the airport each day. If you are the owner of any property or home near airport and has plenty of additional space to park several vehicles then you might be glad to know you are in business.Airport parking Heathrow is the place where parking space most of the times is hard to obtain and demand for parking space is increasing day by day.

If you are planning to rent your property or extra parking space you have then there several things you must consider.

Tips to rent your parking space near airport parking Heathrow to make some money:

One of the biggest benefits of renting out your extra parking space is that it can allow you to earn some impressive amount of dollars each month. However there are several other benefits added to it. A person renting out parking space is also eligible for tax breaks as his/her actions are helping society one way or the other and as per law tax breaks can be claimed. Despite of benefits there are several things you must take care of which are as follows.

User convenience:

Despite the huge demand of parking, if you wish to make money there are several things such as user convenience which you can’t avoid. When renting your property and using it as parking space you must provide users with service and guidance to park their parks in a convenient manner so they can easily drive them back on return.

Security:

As per the law each place which is used publicly and there are large numbers of visitors daily must have installed all security equipments. So when you rent parking space you need to install security options such as CCTV cameras, gates which let the car in only on parking payment, sirens for emergency and direct contact line to nearby police and medical departments.

Fair parking charges:

Despite being your private property you are renting in for parking you just can’t charge any amount. Depending on location parking charge varies. Parking charges in airport parking Heathrow might vary greatly with other areas.
Parking options:

If you are willing to make money, you must provide your customers with different parking options. Different customers have varying parking demands. You must provide options as per the common requirements of different customers. Most common parking options you can provide are such as short term parking, long term parking, business class parking etc.

Tax issues:

As you are earning money by making use of property, the condition is liable under tax laws. When you rent a property for parking space and start making money you need to pay tax to the government. It’s recommended to contact a financial services and tax law expert as soon as possible to make sure your property stays out of trouble.  Also before you can get started with your parking you need to legally register it and get permission to run your own parking space from the certified authority.

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