Prime letting locations include Stratford in east London, close to the the Olympic Stadium. Photograph: David Levene for the Guardian
There are still almost two years to go until London hosts the Olympics, but property agents claim now is the time to start making money from the event. Accommodation, from spare rooms to whole properties, is already being flogged to visitors for the sporting extravaganza which is being held between 27 July and 12 August in 2012.
"Private rental will be a huge success during the Games, as it was in Sydney for the 2000 Olympics, and more recently for the Vancouver Winter Olympics," says Matt Parker, owner of the websites Londonrentmyhouse.com and Sporteventsrentmyhouse.com.
Parker says property owners listing homes on his sites have received inquiries from around the world, including French radio stations wanting accommodation for 15 journalists near to the Olympic Stadium, and groups of friends coming over from the US.
"Overseas visitors, including the athletes' families and coaches, are among the people most likely to want the space of a house rather than the confines of a hotel," concurs Bruce Abbott, who runs Hotelslondonolympicgames.co.uk.
Prime letting locations include Stratford (the site of the Olympic Stadium), Lewisham, the City, Greenwich and Southwark. However, major venues stretch across the UK. People in Manchester, Coventry, Cardiff, Glasgow, Newcastle and Weymouth could also do well out of it. To find out if you're near to an event, see london2012.com.
Some letting agents remain sceptical as to how many owners will make money, while others claim visitors are prepared to pay sky-high prices.
"Two-bed apartments near to major venues will rent for around £2,000 a week immediately before and during the Games," says Tim Broughton, managing director of the holiday rental website Homeaway.com. "A five-bed house in London with good transport connections can usually get around £2,700 a week. But during the Games, owners could get more than £5,000 a week."
Abbott reckons people are willing to pay fees roughly equivalent to a stay in a boutique hotel; around £250 a night. "But we've got a penthouse listed for £2,500 a night," he says.
Homeowners looking to cash in include Annie Wong, who lives in a two-bed apartment in Tower Hamlets, on the outskirts of the Olympic sites.
She's planning to rent out her apartment for £3,000 a week while she stays at her boyfriend's home.
"Making a bulk of cash will be great," says Wong, a sponsorship manager.
"I'll lock my personal things away and provide some new bedding and then people can just use everything else, like my crockery and pots and pans." While tidying up a two-bed apartment may not be too arduous, clearing the clutter from a family home is another matter.
Jason Nisse and his wife Emma want to rent out their five-bed home in Highbury, north London, during the Olympics, but the stress of getting it ready for tenants worries them. The couple plan to holiday in Kent while the Games are on, so they can still go to some events.
Nisse, a consultant, says: "Financially the decision makes sense. We'll make more money renting the house out than we'd spend on holiday.
"We're just trying to decide whether it's worth the hassle."
What to do
Short-term letting agents will do a lot of the legwork for you. Novices may benefit from an experienced hand but should expect agents to take between 15% and 20% of the rental income.
For a DIY route, advertise on one of the "introduction sites" such as Homeaway.com (£219 a year) or Pureholidayhomes.com (£150 a year), or free on Hotelslondonolympicgames.co.uk.
If you rent out a property, you need to carry out basic checks, including gas and electrical appliances. For details, including tenancy agreements, see the Citizens Advice site at Adviceguide.org.uk.
Basics
The terms and conditions of mortgage agreements mean that you'll have to tell your lender you are renting out the property. But, as this is only for three weeks or so, it shouldn't be a problem. Insurance shouldn't be too tricky either, says Jonathan Cracknell, household underwriter at Aviva. It's unlikely to affect your premium and you'll still be covered for the biggies, such as fire, storm and flood damage, and theft.
"But most insurance policies won't cover your home for loss or damage caused by theft, malicious damage or accidental damage by the tenants during their stay," he warns.
Tax
Even if you rent your home for a month or less, you need to declare the earnings to HM Revenue & Customs.
"However, you can reduce the tax liability on the income received by claiming expenses against the rental income," points out Ronnie Ludwig, a partner at accountants Saffery Champness.
"Expenses can include letting agents' fees, advertising expenses, fair wear and tear, and painting and decorating," he says. For further details, log on to the government website direct.gov.uk.
The risks
Once a potential tenant gets in touch, put their name, along with the word "scam" into Google, says Andrew Buonocore, who runs Olympicletting.com.
He also suggests checking out the rental applicant's Facebook page: is it believable? Any email can be traced to a geographical location so, if you find that, for instance, an email from Chuck Jefferson of New York was sent from Bucharest, you should tread carefully, he warns.
"And remember, if someone suddenly offers you 20% extra in fees to speed up a rental agreement, be 100% more wary. There's no point letting your home out if you then have to spend the whole month worrying about it," adds Buonocore.
How to profit from your home:
IT'S not just during the Olympics that you can make cash from your property.
Film sets:
Homes are in demand as locations for adverts, magazine photo shoots and feature films. Prices vary. If you live in rural Georgian splendour, you could make £2,000 a day, standard city apartments are more like £200 a day. Listings sites include Locationworks.co.uk, Amazingspace.co.uk, 1st-option.net and Lavishlocations.com. Fees are around 15%.
Wimbledon:
If you live near the tournament, you don't even have to move out. Sites such as Spareroom.co.uk advertise a room in your home. To let a whole property see Londonrentmyhouse.com.
Short-term tenants:
Language school students need accommodation for a few weeks a year. Get in touch with your local school as they often look for host families during the summer. If you live near a theatre, the same applies. Only well-paid actors can afford hotel stays for weeks on end; others are looking for cheaper rooms.
Driveways:
Those living near airports, football and cricket grounds and even train stations in a commuter belt, can rent out their drive for £10-£20 a day. Website Parkatmyhouse.com matches driveways with those needing a space.
Get a lodger:
Under the government's rent-a-room scheme, you can earn up to £4,250 per household (if you're a couple you need to claim £2,125 each) tax-free by having a lodger. You will need to declare your earnings if you get income from your property in any of these ways. For details see direct.gov.uk.
