How to let your property for the Olympics | Alex Johnson | Independent Property Blogs

    Many people are planning to rent out their property in London during the Olympic Games. A survey by FindaProperty.com suggests that rental prices in various Olympic boroughs have risen 35 times higher their usual price during the Games – Greenwich, host of the equestrian events and Windsor, close to the Olympic rowing competitions are two particularly popular areas.

    Gary Clark, head of operations at London2012Rentals.com says homeowners should demand a ‘realistic price’. “Although there is clearly a large sum to be made, homeowners must be realistic and not demand excessive rates. 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.”

    Lettings agency Upad have a useful checklist of considerations if you’re wondering whether to let your property

    1. If you are currently letting it to tenants, don’t terminate your existing rental agreement for two weeks of higher rent – good quality long-term tenants are worth their weight in gold

    2. Centrally located properties, waking distance from public transport will do well – remember too that guests will be expecting hotel standard accommodation

    3. As a rule of thumb, look at 2-3 times the standard rental value of the house: a typical three bedroom property in Shoreditch which is convenient for the Olympic Park would let for £600-£800 per week so during the Olympics this would go up to around £2,000, maybe even £3,000.

    4. Some councils – Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden – require you to apply for planning permission for lets under 90 days.

    5. By law, you must have a Gas Safety Certificate for the property and your electrical appliances tested. Also inform your insurance and mortgage companies

    Zoopla.co.uk has registered an increase of 161% for the term ‘Olympics’ on its website over the last month. “International demand for short-term property lets in London over the summer is set to be fiercem,” says Nick Leeming, Business Development Director, Zoopla.co.uk. “With hotel rooms having been booked out months, and in some cases years, in advance short-term property rentals are a great alternative. And many London homeowners looking to escape the capital during the Games are offering up their homes as a way to cash in.” But it’s not just London properties which are in demand of course since there are many Olympic venues around the country.

    With many more tickets to be released next month, Olympic organisers LOCOG believe there will be a sudden rise in demand for accommodation as many people who have not yet bought tickets for events will then be making plans…

    How to let your property for the Olympics | Alex Johnson | Independent Property Blogs.

    Determining A Fair Rent To Charge

    If you are a first time property owner or landlord then the number one question that may be on your mind is how much you should charge for rent. Whether you are renting out a room, a house, or an apartment the amount that you should charge is the golden ticket decision, because the result of your decision is going to decide if your rental endeavour is profitable or not.

    There are many factors that you have to consider before setting a price that include considering your costs, any mortgage still outstanding on a property, the area the property is situated in, nearby competition and, of course, what you could reasonably expect someone to pay.

    The first thing you need to think about are your costs, because you want to make sure that over time the rent is going to offset your costs. Obviously, you do not want to lose money while renting a house or apartment so the minimum rent that you can consider is going to have to be aligned with the associated costs of being a landlord.

    Things you should include in your costs include the mortgage you may pay on the property, the costs of maintenance, and the cost of landlords insurance. When you add these together this is your minimum rent. The next thing you need to consider is the area that the property you are hiring is located in. Area and region has a lot to do with the equation since every area has its own set average rent.

    Therefore, you need to do some research to determine what the average rent is in your location, and keep in mind factors such as the cost of living and related factors. Cities, for example, generally demand higher rents than suburban areas as do holiday locations since these are seasonal expenses that people will often consider paying more for.

    Of course, while you are figuring out these factors you will also need to consider what competitors around the same area are charging. For this, you will need to be objective and look at properties that roughly offer the same space and amenities that you do.

    By researching competitors you can get a good idea of what to charge, and what people will be willing to pay. Obviously, you will need to offer an extra perk such as easy access to transportation in order to get their attention, or be willing to undercut the competition a bit. Factors such as furnished or unfurnished are also going to play a role in the rent that you can charge.

    Finally, you need to set a rental price that you agree is fair that allows a little room for negotiation if needed. With holiday homes or student rentals you may have to negotiate or offer special deals during certain times of the year, so make sure that your rental price can allow for this so that the person you are renting to will consider the rate a good deal, whilst you know that you have achieved about what you expected from the rent.

    Read original article here.