Top tips for a successful Olympic let
by Sarah Ashcroft
With London buzzing with athletes, journalists and spectators this summer, the Olympics presents an ideal opportunity to rent out a room
or a property on a short-term basis. But for the many, the Olympics represents their first time as a landlord, and so it is important to avoid the pitfalls of letting a property.
First up, a holiday letting agreement
is required, while it is also vital for new landlords to inform their insurance company, as they may face a revised estimate.
The mortgage provider should be told about what is going on and the tax implications need to be thought through. A property inventory
should be compiled to help protect possessions.
In addition, it is a legal requirement to have both a Gas Safety Certificate for the property and for the electrical appliances to be tested.
"The lettings market surrounding the Olympics is quite simply huge," says James Davis, chief executive officer of Upad. He suggests property owners should be able to command £2,000 a week for a London letting over the 16-day period. Some areas close to the Olympic Park, such as fashionable Shoreditch, could be worth as much as £3,000.
"From the July 27th until the August 12th 2012, London will be awash with tourists, athletes and international press all in need of accommodation," adds Mr Davis. "Whilst hotels are expecting a boom in occupancy levels, more and more visitors have expressed interest in staying in private accommodation."
Upad is keen to stress that tenants should not try to sub-let their property, as they will likely be breaching the terms of their tenancy agreement
. However, anyone who owns their own home could turn a healthy profit for a limited amount of work.
The firm also advises would-be Olympic landlords to de-clutter their property and make it as presentable as possible to attract interest. And it could be hard, if not impossible, to obtain a reference, so security is key.
- Landlord and Tenancy News from Lawpack: Use our solicitor-approved holiday let agreement to get your Olympic let in writing
Published on: March 23, 2012
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