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Follow on Google News |  Renting Your Property Out During the 2012 Olympic Games in London could get you Vast Amounts of CashWith the Olympics coming up in the Summer many people are looking to make a profit by renting out a room in their house, or even their whole house for the period of the 2012 London Olympics, earning them vast amounts of money during the 2012 Games
Due to rising living expenses, lower wages, and the necessity to make sure that mortgage repayments are made, many people may be looking at this as an ideal opportunity to make some extra money, whether it is to just pay the bills or make those vital home improvements that your home may need. ‘Many poor credit homeowners have chosen to take in a lodger during the 2012 games as an alternative to taking out a loan to help with their mortgage repayments or to head on a holiday and get out of London while the 2012 Olympics if they want to get away from it and because it is the Olympics people could effectively earn double or triple the money by renting out for the period of the 2012 games’ said James Jones from Poor Credit Loans 4 You, who specialise in helping acquire poor credit loans. http://poor- ‘I think people are becoming increasingly aware of how difficult it is to obtain any form of credit during the credit crunch. Because of this, taking in a short term lodger during the 2012 Olympics can seem a feasible option to earn some vital extra income’ Through the Government’s Rent a Room Scheme you can generate an allowance of up to £4250 a year tax –free, any amount over this and you would be required to pay tax and therefore complete a tax return. If you charge and therefore receive less than the tax-free threshold then you do not need to do anything. But first you need to establish if the property you live in would be suitable. To begin with, lodgers will obviously need their own room, preferably a double. You can choose to let just a room within your home, a whole floor or even the whole house ‘Sharing facilities is the leading reason why an arrangement with a paying guest can become unpleasant,’ When renting a room, if you have a bedroom with an en-suite available, or a second bathroom that you could allocate for exclusive use by your paying guest alone, this would be ideal and would allow you to charge more. The more privacy you can offer the better, as you would expect a certain level of privacy within your own home, so will your guest. Undoubtedly there will be certain appliances you will have to share with your guest. However, research suggests that in addition to the goods you already own, you may want to consider purchasing a second fridge freezer. ‘A second fridge freezer will help to keep the arrangement with your live-in tenant civilised. It would only need to be small, and you can buy a second hand one relatively cheap,’ says the Poor Credit Loans 4 You representative. Also, make sure to check with your local council will allow short term letting during the Olympics in 2012, as many councils in London will not allow it. The Councils that ban short-term letting are: -Southwark -Tower Hamlets -Islington -Kensington and Chelsea -Westminster -Camden The other 27 boroughs in the capital say they have no problem with properties being let for short periods while the 2012 games are taking places and people would not require planning permission. Chief executive of the National Association of Estate Agents, Peter Bolton King, said: "The problem here is a lack of a level playing field which means regulations are not being policed in the same way across London. He added: "I think it's time for a review and to look at whether this is working or not.” Before taking anyone in on a short term let for the 2012 games you should inform your insurance company that you are looking to let out a room within your home so that they can provide you with details of what additional cover you may need. Although it is not normally an issue you should also contact your mortgage provider with this information, as they may not allow it. Next would be to find a suitable lodger to occupy the room. There are a number of websites out there dedicated to posting your room or house for rent for the 2012 London Olympics where you pay to put up your posting and will deal with all the details and the potential lodger yourself, or there is specific agencies through London that will help you while charging a commission you can also go to the places if you are looking for a place to rent. It is a good idea to set up an interview with any potential tenants because although an applicant may look good on paper, an interview will allow you to establish; how much time they are likely to spend in the house, what they do for a living, and how they like to spend their evenings and weekends. ‘When you find a candidate to stay in your rented room/house you must then make an agreement, this agreement should include such things as; the rent amount, how and when this should be paid, details of any deposit you will hold and how this will be used if any damage is made to the property, which room(s) and facilities the tenant is permitted to use, any services you agree to provide, any share of household/utility bills, and the notice period that either you or the tenant should give." Said James Jones from Poor Credit Loans 4 You Poor Credit Loans 4 You helps out people who fear they have been blacklisted because of past poor credit history which could include CCJ’s and defaults, arrears, late credit card payments or repossession. Poor Credit Loans 4 You hold a Consumer Credit Licence issued by the Office of Fair Trading. Poor Credit Loans 4 You is also covered by the Financial Ombudsman. Poor Credit Loans 4 You is also registered with the Information Commissioner’ For help, phone 0800 215 5860 Or visit: http://poor- ~Ends~ Notes for Editor: Loans 4 You of London Ltd Innovation Centre Monks Brook PO30 5WB United Kingdom Poor Credit Loans 4 You was formed in order to ensure people with poor credit had access to specialist help in securing the poor credit loans they need. From its UK head office in Monks Brook, Loans 4 You operates across Britain, sourcing poor credit loans for people with poor credit. Poor Credit Loans 4 You is a top UK specialist for Poor Credit Loans for people from all over the UK. Its wealth of experience in the Poor Credit Loan industry means it gets the best deals for people seeking a poor credit loan. # # # Poor Credit Loans 4 You is a top UK specialist for Poor Credit Loans for people from all over the UK. Its wealth of experience in the Poor Credit Loan industry means it gets the best deals for people seeking a poor credit loan. Poor Credit Loans 4 You End
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