Rent out your home during the Olympics? Could you do it?
During the 2000 Sydney Olympic Games, hundreds of homeowners cashed in on the property trend of the moment by renting out all or part of their homes to the millions of visitors who poured into the city. It’s hardly surprising this same idea is now sweeping the English capital as it prepares for the 2012 Olympics – in fact FindaProperty.com released some research into this very question just a few months ago.
Could you make these guys feel at home during the Olympics?
Estate agents Hamptons International also decided to look at this trend and in recognition of the demand has started a specialised dedicated Olympic short-let service for anyone who wants to rent out their home during the Olympics.
So, could you do it? Do you have the right kind of property?
Hamptons International found the most desired homes for Olympic visitors are ones that have two bedrooms and two bathrooms and are fully furnished. To give you an idea about what you could potentially charge, Hamptons found the average budget of the Olympic visitor is £1,225 per week – not a bad earner – and they are looking to rent your home for one week to several months.
However, it’s worth noting that mortgage lenders will need to be aware of your plans to let. Insurance is also an issue and you should take advice about whether your current policy is sufficient. There most likely will be other costs too – including how to pay for your own accommodation during this time.
Of course the big question is – do you want to rent out your home and miss out on what’s likely to be the greatest show on earth?
Tags: Hamptons, Olympics, short-term rent
Related Tags: Olympics, Olympics, Hamptons, short-term rent
Posted by 2 comments on “Rent out your home during the Olympics? Could you do it?”
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Surely it depends if you have got tickets for the biggest event on earth – London will be an exciting place to be, there will be so much going on but it will also be a nightmare to get around if you are used to normal London life e.g. using the tube to get to work… even more people than usual! We have launched a website to help people rent out their homes/spare rooms/parking places and we have provided a well researched list of possible renting prices for different boroughs around London. Check it out http://www.fanbed.com/Content.aspx?id=62 for more information.
I have had a look at this list and although quite useful I don’t think they tell the whole story. Different parts of boroughs have more relevant transport links than others.
There are parts of Lewisham borough for example (Lewisham town centre, Ladywell and Catford) which will be far less accessible than those areas along the East London Line which has trains every five or ten minutes to Canada Water which has regular trains direct to Stratford, the whole journey taking between 20 and 30 minutes approximately, if the property is near New Cross Gate, Brockley, Honor Oak Park, Forest Hill and Sydenham stations.
Also, there are lots of places in Southwark borough for example which would not be as accessible as the places listed above for example which are along the East London Line.