subject: Renting For The Olympics As A Potential Landlord [print this page] If you have a property in Barnes, a house in Richmond, a flat or house in Twickenham or a flat in Putney, you could boost your finances by letting it out during the games.
First of all, you will need to get permission from your mortgage lender and home insurance provider to let out your home. Then if applicable you will also need to apply for a gas safety certificate before you can put your home onto a letting agent's books.
Once you've done this, you need to take a good look at your home and see what work you need to do to it to bring it up to the standard expected by Olympic visitors. There will be a lot of demand for property to rent in London during the Olympics with recent estimates showing that people are prepared to pay up to four times the normal rent for this period. So demand might be high but these tenants have high standards.
For you as a home-owner this means doing a house makeover. Making your home neutral and welcoming not cluttered and covered with your personal stuff. This isn't a house swap. This is a commercial transaction and the tenants, even though they are only going to be renting out your home for a few weeks, will expect everything to be in tip-top condition.
Think about technology too, these tenants will definitely want access to the internet so they can keep in touch with friends and family back home. It would also be a good idea to provide your tenants with a guide to the local area too: where to go for food and drink, local places of interest, banks, transport links etc.
It is in your best interests if you want to rent your home out for the Olympics to get your home into as good a condition as you can get it, this will make it easier for the letting agent to start marketing it and to rent it at a good price for you.
Finally, remember that any income you make from renting out your home is taxable. Bear this in mind when working out your finances.
As A Tenant
If you are looking for a flat to rent in Putney, a house to rent in Richmond, or a townhouse to rent in Twickenham during the Olympic period you will need to move fast. Many landlords are gearing up mainly for the Olympic visitors and are keen to rent at high rents for a few weeks and then, and only then, put the property onto the normal rental market. This is where having a letting agent on your side can come in handy. We know the landlords on our books and we know our areas.
Speaking of letting agents, however, both landlords and tenants should beware the rise of the 'fly by nights'. Make sure any agent you are using has a history of satisfied customers, both tenants and landlords. Make sure they have an actual office you can visit, and at least have a working telephone number you can ring. There will be many 'letting agents' setting up websites advertising their services who will exist just for the duration of the Olympics. These types of 'letting agent' aren't aware of property law and the legal aspects of letting out properties. Using this type of agent could leave you as landlord or tenant facing hefty bills.
For your own safety use a reputable agent and enjoy the games.
