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With the 2012 Summer Olympic Games creeping ever closer, landlords in the London area have the opportunity to make some serious money from the event. The spectacle is held every four years and sees the best athletes from across the globe competing for honour and of course those much coveted medals. However, the athletes might not be the only ones striving for gold come August and July as demand for lodgings in England’s capital goes through the roof.

Influx of visitors

The Olympics Games, whether the summer or winter instalment, always draws in visitors from many different countries. They represent the opportunity for sport lovers to witness historical battles between the world’s best athletes, whilst exploring a new country. As such it is estimated that around 500,000 extra visitors will make their way to London during the 16 day competition – most of which will be in need of accommodation.

Making use of the spare room

Figures provided by the government show that many London homeowners have two spare bedrooms that are not regularly used for sleeping in or as a storage space. Theses rooms are most commonly used as guest bedrooms for friends and family and might only be utilised three or four times throughout the year. With so many people looking for accommodation during the Olympic Games, those with a spare room or two have the chance to make some easy money by offering lodgings. Hotels are now pretty much booked up, with those that do have space charging extortionate prices.

Making room

Even those in the London area that have a spare room which is utilised as a storage space should at least consider taking in a lodger. Demand is so high that a decent sized bedroom can be rented out for anything up to £1,000 per week. With the figures involved; it could be a wise decision to move your stored items into another area of the house. Another option is to place your belongings in temporary self storage for a few weeks – the rental income will far outweigh the costs incurred.

Special requirements

Those looking to take advantage of the demand for accommodation by renting out a bedroom or two need to undertake a few steps. First contact both your insurance company and mortgage lender to ensure that safety regulations are satisfied and tenants are covered. Also be sure to draw up a tenancy agreement that outlines the terms and conditions of their stay.

About Denny Jones

Hi there! I am Denny, a personal finance blogger and I love to share tips related to managing finance for a better living. Follow my blog for lots of fresh and exciting tactics to control your finances.
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