As the London 2012 Olympic Games comes to the United Kingdom next year, there is much talk of London homeowners cashing in on renting out rooms or properties for visitors from all of the world to stay at whilst attending the Olympic Games. There is also an opportunity for those living outside London within a 2-hour drive of the various Olympic Venues to cash as well as those who live in the following places that are also hosting Olympic events outside the capital; Hadleigh Farm- Essex, Lee Valley White Water Centre- Hertfordshire, Eton Dorney- Buckinghamshire, Weymouth and Portland- Dorset and the football stadiums at Cardiff, Coventry, Glasgow, Manchester and Newcastle.
The Olympic Games will attract thousands of sports men and women, trainers and team members and the million visitors and spectators of the Olympic Games, who will all be looking for accommodation as hotels and guest houses get booked up in advance. Private homeowners can earn themselves some well needed extra cash during these tight times by renting out their houses, flats, apartments and rooms during the London 2012 Olympic Games. There are numerous websites that are offering to list your room or property for a small fee that allows people who are looking for accommodation during the 2012 Olympic Games to search and view your property before making further contact and arrangements. These websites are usually a listing directory only and are not involved in the actual renting process.
Before you jump head first into letting a room in your home or a privately owned property, you should make the following checks and it is advisable that you do your own sums to make sure that it is viable way to make money. If you are looking to rent out your property to make some extra money from the 2012 Olympic Games in London, you need to 100% sure that you are happy with the person who is renting your property or staying in your home with your family. You are letting a complete stranger into your space. If you are not happy with any aspect of the discussions or something in your gut tells you that something isn't right, then cease accommodation arrangements. Make as many checks as possible, Google and Facebook checks as well as asking for a small deposit up front so that you have a guaranteed financial commitment and confirmation of booking.
The 2012 Olympic Games in London are from 27 July to 12 August 2012 It is advisable to keep a diary or print out a calendar of dates that you are letting your room or property to avoid double-booking. If you are thinking about letting furnished rooms in your home, you can receive up to £4,250 a year tax-free (£2,125 if letting jointly). This is known as the Rent a Room scheme. The Rent a Room scheme is an optional scheme that lets you receive a certain amount of tax-free 'gross' income (receipts before expenses) from renting furnished accommodation in your only or main home. It is advisable to check with your local Tax Office to see if earning from renting out your room or property will affect your Tax status.
Profit earned from Renting Property is a Taxable Income. Check with your local HMRC tax office for more details. Keep all your receipts and up-to-date accounts of expenses that you can claim back expenses against the rental profit for example: Rental listings fees, rental licence & any extra insurance cost along with a percentage water, gas, insurance and maintenance of property/ accommodation rented.
For home owners insurance, check with your Insurance Company who may ask for an additional fee for the extra protection and insurance cover needed if you are letting out part of your private home. For your own protection, get it confirmed in writing that you, your personal possessions and your property are fully covered.
It is also advisable to check with your local council housing department as some will require you to have a Short-term Rental License (£50-£90) - and also check for their governing by-laws in relation to Private Lettings and local Rental Regulations that you will have to adhere to before allowing people to stay in your home.
When listing your property you should state clearly the standard of accommodation offered and the facilities that are available for them to use whilst staying there, such as use of washing machine or Wi-Fi
You should lock anything of valuable or personal away including any electrical equipment that you don't want broken or damaged by accident.
This is just a basic guide covering some of things you should be considering and making should that you have covered before renting out a room or your apartment, flat or house. It is advisable that you make a check list of housing and legal requirements before you start renting and seek professional advise and services if need be.
By Caragh King
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