10 April 2012

Find a property

With the likes of celebrities such as Sol Campbell renting his London property out for £75,000 per week it’s understandable that people are looking to cash in on the Olympics by renting out their property. Due to the Olympic ‘gold rush’ Planet Property has released advice on how to safely rent your property for 2012.

Your property

Make sure your property is in a good condition to be rented out. As lodgers will typically be in Olympic accommodation for shorter a length of time than a normal contract, your property should come furnished with mod cons as well as towels, sheets and ready to use internet. Directions to the nearest tube station and to the Olympic Park would also be helpful.

Price

Set a realistic price for your property. You can ask local estate agents for advice or look at similar properties on the market for a comparison.

Tax

If you’re intending only to rent a room, you can earn up to £4,250 tax free. Any other money you earn will need to be declared on a self assessment tax return.

Insurance

Speak to your insurance provider to ensure you’re covered to rent your property for the Olympics. You may have to purchase specialist insurance but being caught out would be much more costly.

Lender

Speak to your mortgage lender about renting your property during the Olympics. They may charge you a one off fee but will also be able to provide you with helpful advice for renting your property.

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