What You Need To Know When Hiring Out Your Home For The Olympics

The Olympics are far more than just the biggest sports events in London this year – they’re the biggest sports events worldwide in 2012. While billions of spectators are set to closely follow the celebrations on their TV, the city is looking forward to tens of thousands of visitors from around the globe. With the Olympics approaching fast, accommodation is accordingly becoming increasingly hard to find and people who would like to stay in London for the duration of the Olympics, or just part of it, are finding that places to stay are running out. Families of people who have family competing in the Olympics are also struggling to find accommodation. You may be able to help them – and even make some money to boot.

Rent out your home

One option for visitors is to find a private room or a house to rent purely for the duration of the Olympics, regardless of whether they’re looking for economical or luxury rentals. If you own a house, offering it up for rent can provide you with additional income as well as helping out a potential Olympic fan. Although it may seem like a good and easy way to make money with very little effort, don’t rush into doing this. There are disadvantages as well as advantages and especially if you’re renting out your home for the first time, you should make sure to get professional assistance to help you with the process and to prevent traps.

Sign up to a letting agency

A letting agency lets people book their stay at your home through them and will be able to provide you with all the details that you need to know when renting out luxury homes in London. It is therefore strongly advised to sign up with one of them. Every applicant is thoroughly vetted to make sure that you get trustworthy people staying in your home. They will need to provide verifiable references and also put down a considerable deposit in case there is any damage to the property. On the other hand, working with a letting agency means that you need to get your side of the bargain in order as well and provide quality: Prime houses and flats in London are surprisingly common so it is good if you have a home that can compete. You don’t have to rent out your entire home – you can always just rent out a room. Since high end residential property in London will always be the preferred choice, these still bring in a good income.

Prepare your home for visitors

As mentioned, the quality and state of your home is vitally important. Apart from making sure it is as clean as possible, it is therefore important to remove any valuables that may be on show, make your visitors aware of any potential hazards such as a loose banister or railing, a loose paving slab or faulty light switch. You may need to get insurance to cover any damage or injury, to or by, the tenants.

Luxury homes in London are ideal properties to be rented during the Olympic period. If you heed some of the advice mentioned in this article, the Olympics will not just be the biggest sports event worldwide in 2012 – it will be the biggest event in your personal life as well.

This article was written by Brandon Barnes on behalf of Rhodium RH45 (http://rh-45.com/en).

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