With the London 2012 Olympics just around the corner, many existing landlords and private residents are probably hoping to make some extra money by letting their properties to sporting enthusiasts for the duration of the event, especially since the hotels and guest houses in the area are already nearly full to capacity. But whilst it appears to be a fabulous idea for making some easy money, are there any potential pitfalls private residents should consider before letting a room or property next summer?
As any landlord already knows, including me, there are a number of statutory obligations to adhere to when letting out property. These include the provision of a tenancy agreement and obtaining consent from your mortgage lender if applicable. So whilst renting out your spare room for an astronomical price during the Olympic Games might seem like an incredibly smart move, you are well advised to check your legal obligations before advertising for short term tenants. Ensure you have adequate landlord liability insurance to protect yourself from damages claims and check there are no exclusions preventing you from letting your home to tenants.
But if you are sensible enough to look into your legal obligations before renting out your property during the Olympic Games, you could easily make a small fortune over the period thanks to the expected influx of visitors pouring into London to see the world’s top athletes perform. Sadly I was one of many who did not win any tickets in the draw, but I will be watching it on the TV!
