Olympics 2012 – The Race to Rent Out Your Home
It’s 2012! And for those living in London, this means one thing: the Olympics are coming and thousands upon thousands of visitors with it. For many enthusiastic homeowners, they are taking this opportunity to rent out their own homes and picture a windfall of cash dancing in their heads.
But while many Londoners believe they can earn large amounts of money if they rent their homes out during the Olympic Games, a lot of them may not be as successful as they hope.
Hotel Rooms
While there are thousands of hotel rooms in the area, there definitely isn’t enough to accommodate the million or so that are planning to stay. This is where the idea of locals renting out their own homes originated; while many couldn’t secure Olympic tickets for themselves, they could still benefit from the upcoming games by renting out their homes and enjoying a break during the Olympic madness.
Rental Possibilities
While those residents living within the area closest to the Olympic stadium are sure to earn up to £5,000 a week, they will have to take a few costs into consideration. For instance, if you work with an agent to rent out your home they could receive up to a quarter of the rental income in fees as well as administrative costs which cover cleaning and damages. Not to mention the tax on the rental money you bring in.
Only the Best Will Do
Most agencies have high standards when choosing houses to rent out on the behalf of others, avoiding houses with bad access to transport and shops. They opt for nicely furnished rooms, with fitted blinds, lighting and good quality furniture. There is also a high demand for houses with a large number of bedrooms, preferably around four or five. Some have even added personal touches for their overseas visitors, including city guides and blackout blinds to help with jet lag.
It just goes to show, clients are expecting the same high quality service you would get in a hotel for the amount they’ll be paying each week.
Cut out the Middle Man
Most homeowners go with an agent to help rent out their home as it appears more reputable and reliable, but to avoid the costs and effort to meet standards that come with working with an agency; many homeowners are posting on websites like Gumtree and Craigslist to advertise their living space.
Don’t panic just yet if you are unsure if renting out your own home is the right decision! Places really start to go four months before the actual games, giving you plenty of time to sign up your property.
The important thing is that you’re sure that renting out your home is something you want to do! Of course the benefits are great; a lot of extra spending money and a chance to get away from the city which is sure to be absolutely saturated with tourists from across the world. As long as you are prepared to take the necessary steps, pay the costs and maybe even clean out the cupboard underneath the stairs.
