Want to earn some extra money during the Olympics? If you own a property near one of the venue sites you may be thinking of letting the property on a short term let during the Olympic Games. This can either be your own home or a property you already rent out. If you are thinking of doing this you can earn a lot of money, however, there are some things you need to consider:-
- Firstly check that your insurance covers you for short term lets, especially if it is your own home as your current insurance may not cover you for letting the property, you might need to pay an additional premium
- Ensure you get an agreement drawn up between the parties which clearly defines the terms of the agreement.
- Consider whether or not you want a deposit to cover you for any damage caused.
- Ask for rent in advance before handing over the keys.
- If you are moving out of your own home, make sure you remove any financial information from the property and secure or remove any personal items. Tenants would expect cupboards to be emptied so you may need to hire some storage for clothes and other items.
Rebecca Brough is a Property Solicitor at Fidler & Pepper Solicitors.
Free property management software, Free tenancy agreements
What happens if the short let tenant doesn't leave the property when the term is up and refuses to pay rent (assuming the term is, say, one month) when the law is that all tenancies grant minimum of 6 months before the landlord can go to court to begin the eviction process?
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