How to rent out your place during the London Olympics

There are few of things to bear in mind when renting out your property or space to guests during the Olympics.
Here is a summary of things to consider when renting out.

How much you're going to charge

Try to be realistic in your choice of rates. The location and the quality of property your offering will have a big influence on the decision of how much to charge. You want to make this worth your while but at the same time be competitive.

As a rough guide you should be thinking of £100 to £300 per night for a double room. It's up to you how you translate this into weekly rates but generally the weekly rate should work out lower than the nightly rate to encourage guests to stay for longer.

If you have a 3 bed Victorian house then you could charge anything from £350. The top range of this depends on the quality of the house. If the property is close to an Olympic venue and is in good condition then this nightly rate could be a high as £2000-3000.

Location is everything! The better it is the more rent you can charge.

What you're going to offer

Are you going to allow the guest free reign of the front room and garden?
Are you going to play host and treat your guests to bed and breakfast?
Is use of the washing machine and kitchen facilities allowed?

Complying with the clauses of Mortgage lenders and Landlords

If you're the freeholder of the property and you have a mortgage, will renting your property invalidate your insurance or mortgage clauses.
If you're a leaseholder make sure you have permission from the freeholder.
If you're renting, make sure you have permission from the landlord.

Having a written agreement with your guests

When your guest arrive, apart form giving them a warm welcome the most important thing to do is layout and agree on what is expected from both parties. Having a written agreement of rules of the house and inventory which both of you sign will be a record of stay and you can use this late to settle any disagreements, which are unlikely to arise. You can download a sample tenancy agreement or you could search on [Google] and find others.

When is your property available

Work out which dates your expecting the property to be available and mark them as such in the advert. When you get bookings for particular dates, update the calendar so you don't make double bookings. You'll be able to see where you can fit people in and manage your letting with ease.

The Olympic Games starts on 27th July 2012 and ends on 12th August 2012
The Paralympic Games starts on 29th August 2012 and ends on 9th September 2012