Q. How much can I expect to earn from letting out my property for the Olympics?
A. The exact figure would need to be determined on evaluating the property and assessing both the local area and transport links to Olympic venues, however, due to the inflation of hotel prices (most charging up to three times their usual rates) and the demand in London during the Olympic weeks, we expect that some properties could achieve up to 50 per cent over market value. For example, a one bedroom property in Fulham could achieve £1,500 and a four bedroom home up to £3,000 per week.
Do I need insurance?
You must check that you are fully covered for short term rentals: where most homeowners are covered for building insurance, it is imperative to check you are covered for contents insurance.
Do I need to contact the council or any other companies?
You need to check with your local authority and council as there are many different regulations. Westminster requires planning permission for lettings less than 90 days (without it, you are breaking the law and could be fined up to £20,000); Southwark, Tower Hamlets, Islington, Kensington and Chelsea and Camden have also warned that short-lets conducted without planning permission could be served with enforcement notices.
My property is leasehold, can I rent it out and if so, what do I need to be aware of?
You need to double check your lease to see if there are any restrictions.
As a home-owner currently living in my property, what do I do about my belongings?
The main piece of advice is to only consider short term Olympic rentals if you can relocate promptly, and are able to lock up your personal and valuable belongings, leaving tenants with a clean depersonalised and well equipped property. If you can, it is then advisable to appoint an agent to evaluate and manage your letting.
How else do I need to prepare my house?
Olympic tenants require a good standard of accommodation, matching the quality of a house swap or hotel suite, with fresh towels, sheets and a weekly cleaner. Tenants also require cupboard space in both the bedrooms and kitchen areas. A managing agent can help with this – a good agent will have a responsive management hotline. In addition to management, we are also going to provide local guidebooks and transport information.
Haus Properties is currently marketing a range of properties (for both sale and rent) in the Fulham area. For further information, please visit www.hausproperties.co.uk or call: 020 7751 0400.