Sunday 10 July 2011

Can you rent out your home to Olympics visitors and make a fortune? | Money | The Guardian

Can you rent out your home to Olympics visitors and make a fortune? | Money | The Guardian

For those lucky enough to live anywhere near the Olympic site there's one big question: can I rent out my home for thousands of pounds and head off on an expensive holiday on the proceeds?

With the opening ceremony just over a year away, and lettings agents reporting the first expressions of serious interest from those looking to rent homes near to the action, Guardian Money has been asking whether there is serious cash to be made. Or are homeowners hoping for a bonanza heading for disappointment?

A whizz around the internet reveals plenty of households hoping to cash in. Owners of some – frankly, very ordinary – homes within walking distance of the Olympic Park in Stratford are asking as much as £5,000 a week. Even one-bedroom flats are being marketed at £1,500 a week.

The big question is whether they are going to get it. Joanna Doniger, who has let Wimbledon homes to tennis players for two decades and is an expert on the short-let market, predicts some homeowners will make some serious money, but others will be out of luck.

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