2012 Olympics Could See a Rise in Short Term Letting

From Phillip James Letting Agents in Worthing.

According to the latest news reports, we can expect to see a healthy rise in the number of short term lettings that are available during the London 2012 Olympics. With hundreds of thousands of people expected to descend on London to enjoy the sporting event, many people are looking to capitalise on it by letting their homes out for short term periods.

However, some London law firms are already issuing warnings about the fines that could be incurred by those looking to make money. Most landlords will be familiar with the red tape that must be adhered to but those who want to jump into the rental market and exit it again just as quickly once the Olympics are over could end up losing more money than they make in rent.

Practical lettings advice is essential for those looking to rent a property

If you are considering renting out your home whilst the Olympics are in town, make sure you get proper advice before you do so. If you don’t have any experience of being a landlord and are only looking to rent your home temporarily, you should hire the services of a reputable letting agent to help.

Ensure that your property can be let out for short term periods and don’t assume you know the procedure for organising a short term letting. Always do your homework and take advice from reputable sources before getting started.

Could this be the springboard to regular landlord duties?

While some people will no doubt fall foul of the law in respect of short term lets, others will be bitten by the bug and see this as a springboard into the buy to let business.

A short term let has the advantage of allowing you to dip your toe in the buy to let waters before you jump in for the long term. It is a good way to find out how the market works and to see whether you really are suited for it in the longer term.

Many landlords hire the services of a letting agent to manage their property business for them. This means you can benefit from their experience and often find better quality tenants paying better rents than you might otherwise be able to find on your own. Like any professional advice, the benefits of using a letting agent should make the fee you pay worthwhile.

The London 2012 Olympics are less than a year away and while athletes are preparing for their big moment, plenty of would-be landlords appear to be preparing for theirs as well. In both cases, adequate preparation will be the key to success!