Renting property is a major trend within the UK market at the moment. As many of us struggle to get a foot on the first rung of the property ladder, renting is often the only available option.
As well as this, many homes in London and close to the capital will be rented out for huge sums of money this summer when the Olympic Games come to the city.
Due to begin on July 27th and run for more than two weeks, the sporting competition will attract thousands of people to the UK, many of whom will require somewhere to stay.
AB Property Marketing has spoken of the demand and noted landlords can make a “small fortune” at this time. So what do you need to do to cash in, whether it is by letting a property as a home or as a base for the Games?
Investing in some home improvements – such as new electrics, a smart garden or an extension – may help you to enjoy maximum returns.
Commenting on the 2012 Olympics and its effect on the rental market, Upad’s chief executive officer James Davis said: “Landlords and indeed homeowners should be able to command a hefty sum, £2,000 a week for a London letting over the 16-day period, maybe even more. Of course, this sum differs depending on the property and location but nevertheless, there is money to be made.”
That is not to say it is only in London where homeowners can benefit. Although the Olympics will be based in the city, some events are due to be held in Dorset, Essex and the Midlands.
If you are able to get your home in tip-top shape by the time the Games begins, you may find any home improvements completed beforehand effectively pay for themselves thanks to the rent you will receive.
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