Not long now and London will
host the Olympic and Paralympic games and every
hotel, bed and breakfast and hostel is expected
to be fully booked.
Throughout the duration of the Olympic
Games places to stay will be in high demand as spectators
look for a base that is close to the action.
In response to this many home owners
in London are considering renting out their property
and if you are one of them there are a few things
you may want to take into consideration.
Firstly you will need to make sure
you are covered if anything goes wrong, our own
Main Home insurance policy will allow you to rent
out your home for short term holiday lets. This
means your home and contents will be covered whilst
you have a tenant including accidental damage. Our
Main home policy also comes with loss of rent cover.
This means that should anything happen to your property
which makes in inhabitable for your tenant the cost
of finding alternative accommodation will be covered.
Your
mortgage lender my also require to be notified in
the event of the property being rented out. If you
own the lease of your property then it is best to
check that your lease allows you to rent the property
out as well.
Remember
that your property will be being used by members
of the public and you could be held liable for any
injury which your guests occur. Having a high level
of Public Liability insurance will protect you from
such events; our own Main Home policy includes £5
million public liability cover. Checking the property
complies with gas and electricity regulations could
help to avoid any unnecessary accidents.
| Renting
out your home for the Olympics and Paralympics
will be an opportunity to earn a lot of money.
During major events such as the Olympics the
rates for property rentals generally increase
and for some properties could even double.
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There
are many factors which contribute to the cost of
renting out your home such as the proximity to the
Games, the size of the property and the amenities
available. A typical three bedroom family home within
walking distance of the stadium could realistically
cost between £3,000 -£4,000 per week.
We advise that you go through a bona fide letting
agent who will help you to properly cost the rate
at which to rent your property. Having expert advice
can be crucial especially if you are new to rental
business. Please look at our partners page for a
list of companies who can help you to market your
property and assist in renting the property out.
Putting
the financial benefits aside you do need to feel
comfortable about renting out your property. We
would advise that all your personal and valuable
possessions are stored in a secure place. Wardrobes
will need to be cleared for your guests and the
house will need to be cleaned to the standards that
you would expect in a hotel. The whole process may
be stressful but if you have the right information
and the right protection if things do go wrong then
it could be a fantastic opportunity for you and
your family.
Remember
that this is not the only event which will draw
hundreds of spectators and fans in from miles around.
Events such as Wimbledon, the Edinburgh Fringe,
Lytham St Anne's and the Ashes can also be an opportunity
to rent out your house for a week or two. In 2014
the Ryder Cup comes to Scotland with 45,000 spectators
expected to attending every day. We will be keeping
track of these events and can cover your home in
these circumstances, so keep us in mind for the
next time you consider renting out your home.
