By Levi Winchester
A man has explained how he makes around 拢20,000 a month by renting our garages and car parking spaces. Property investor and surveyor Barrie Taube, 48, rents out garages for 拢50 to 拢150 a month, and parking spaces for between 拢30 to 拢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 : 鈥淭here鈥檚 not much to maintain, just the roof, walls and the garage door. 鈥淚f 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.鈥 He explained how a garage can normally be bought for between 拢10,000 to 拢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 拢200,000 to 拢300,000 and this would make you around 拢500 a month in rent. The Mirror previously spoke to one man who makes an extra 拢250 every football season by renting out his driveway . Mark Newman lives near Hillsborough Stadium, the Sheffield Wednesday football stadium, and charges 拢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 拢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