Letting out your home for the Olympics
As the 2012 Olympics draw closer homeowners in the capital may be thinking about renting out their property to keen sports fans who want comfort during their time in the city. East Londoners with properties close to the main Olympic stadium may find they can charge premium rates for rooms in their homes, or for their entire properties if they want to escape the hustle and bustle of the event and take a holiday.
However, homeowners interested in renting out their properties during the Games were recently given some advice by the Independent – and the newspaper’s property column warned people that overcharging renters and kicking out current tenants to make way for Olympic visitors are two big no nos.
The newspaper published a checklist of tips for those renting out their home, which was compiled by letting agency Upad.
The company noted that “centrally located properties, walking distance from public transport” are the ones which Olympic visitors will be looking for, and that homeowners can expect to charge around two to three times the standard rental value of their property.
Other considerations include planning permission – which is required by a number of London councils for lets of fewer than 90 days – and gas safety certificates, which are required by law.
Speaking to the newspaper, head of operations at London2012Rentals.com Gary Clark further commented, and said: “Visitors understand there is a premium to be paid for Olympic accommodation, however they still want value for money and marketing your property right will enable you to secure tenancy throughout the Olympic period.”
Ben Jordan from Premier Estates said: “From a leasehold property management perspective; first and foremost, check that your lease allows for the provision of sub-letting. Many leases contain restrictions and conditions in this respect; ranging from a simple requirement to gain permission from the freeholder, to costly clauses that could leave you liable for thousands of pounds. Assuming the lease makes provision for sub-letting, ground rules need to be put in place to ensure that the apartment block community is not adversely affected by the actions of your Olympic guests.”
He continued: “We would draw particular attention to Health & Safety guidelines, which are in place for good reason. Your guests are less likely to care for your home the way you will, and whereas this can lead to the odd broken plate or a scuff on your wall; it can also lead much more serious incidents such as fires started by barbeques on balconies and a whole host of water related problems. In reality through, catastrophes are unlikely to occur during the few short weeks of the Games, but it is a good idea to ensure that provisions are in place, should a pipe burst or a problem with the apartment building occur. Tenants should be told who to call in such situations, including details of the emergency out of hours response number for your building; especially where the homeowner is out the country.”
Premier Estates specialises in property management and has a varied portfolio including houses, apartments and complexes. If you are interested in property management in Manchester visit www.premierestateslimited.com/ for more information.
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