Renting out your home for a major event

  jack 10:16 30 Jun 09
Locked

Would you?
Yesterday afternoon in the garden under the shade with friends -weaktea and stale cake alround -'She' makes a smashing 'stale cake' and the conversation turned to Wimbledon[boring].
When one of us mentioned the money folk can make by renting out their near by homes,to players/officials and avid spectators.
Would you?
Assuming that is you live near an important venue for series events.
Eyes turned to me ,because my modern tidy[If i make the effort]semi on the Fastrack bus service which is two minutes from the front door. 5 minutes to BlueWater,10 from Ebbsfleet Interbational which will be minutes from Stratford International of the Olympics
So what do you think for the Olympics?
Lock up the valuables, and clear off on a moths cruise?
How much could I make?

  OTT_Buzzard 10:42 30 Jun 09

Would I rent out my house? Well, no. But then of course nothing ever happens in this area. And I really do mean *never*! Just the way I like it!

Renting out your house for the olympics could turn out to be an expensive idea as you'd have to comply with a whole host of legal requirements and be liable for tax on any profits. Then there's insurance, mortgage issues (if that applies to you) and the problem of guaranteeing rental capacity.

If you feel like disappearing for a month then go for it, but for the sake of 4 weeks renting your house out I think it could easily turn in to a loss making event.

  dagnammit 11:10 30 Jun 09

I wouldn't enjoy a holiday knowing there was a load of strangers living in my home. Second house then fine (if I had one) but not my own home.

  Bingalau 11:19 30 Jun 09

When The Open Golf Championship takes place at Birkdale I know that lots of people living in posh houses near the course let their homes out to players etc. They are reputed to make loads of dosh doing so.

Because I live a couple of miles away, I usually have some golfing fanatical friends who live down south come and doss down in my gaff for free. Costs me a bomb. But we have a wonderful time, so it matters not.

  Noldi 11:28 30 Jun 09

I know of several people who rent out parking spaces on thier drive way for Wimbledon and make good money from it.

Noldi

  Quickbeam 11:30 30 Jun 09

When's the World Conker Championships, there not too far from me...?

  wee eddie 13:38 30 Jun 09

Many large houses are let out during the Open Golf Championships. In the last 10 years, or so, the Inland Revenue have been active in the area.

Most of the time this is not a problem as they appear to accept that there are a number of costs involved in letting ones house for a short period. It is reputed that once the costs have been pointed out, some people have given up as there is nothing like the profit they first thought that there was.

Out-with the expected setting up costs, other things to consider such as: Telephone bills (one Golfer's Assistant was on the phone to his girlfriend in America, almost 24/7): Theft (small items can walk. Damage: baths left running, pots burned black, broken crockery.

Of course many houses are available time and again and do so successfully and profitably, but you do need to be professional about it.

  laurie53 20:05 30 Jun 09

I live a fairly standard 3 bedroom semi 10 miles from St Andrews.

When the Open is on I could make enough for a lot more than a holiday.

I used to work in the University and the student rooms, pretty basic and not en suite, used to go for well in excess of £500.

  Stuartli 20:41 30 Jun 09

As Bingalau says, many houses in our area are let out both to the golf stars and fans during the time the Open is staged at Royal Birkdale; it's been something that's happened for many decades.

However, many home owners in this area leave the letting arrangements in the hands of a local estate agent which specialises in this field.

Even after paying the costs and tax liabilities, it's still a very profitable exercise for home owners.

  spuds 23:51 30 Jun 09

Perhaps going off subject slightly. A friend of mine who owns a number of properties, uses 'home carers' when any of the properties become vacant, and are awaiting new tenants. The 'home carers' get free accommodation, and he gets security services. This arrangement seems to work very well.

  wee eddie 13:54 13 May 11

This topic becomes live every summer that there are major Sporting Events.

How many Enquiries you get can be down to your Location.

How much you charge can be down to the Facilities you can offer.

How much of that charge you still have after the Guests have departed is down to careful Planning, a well written Contract and adequate Insurance.

How much you retain at the end of the Financial Year is down to good Record Keeping and your Accountant.

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