As the Olympics enters its second phase of ticket allocation, a consumer website suggests one way struggling homeowners could earn more income is to rent out a spare room for Olympic visitors.
Apparently, many homeowners near the UK’s sporting event hot-spots – Wimbledon, Test Matches etc have already discovered the benefits of letting out a room or even a whole floor for guests during the duration of such large events.
And with warnings that many hotels are already fully booked, there could be a huge demand for accommodation near any Olympic venue.
In their money news, Credit Choices says Homeowners can earn £4,250 a year tax free renting out a spare room through the Government’s rent a room scheme.
The income figure is an annual one, but rooms could still be let short-term as long as you don’t exceed your allowance in any one tax year.
Credit Choices warns homeowners enticed by the scheme to think carefully before using the rent a room scheme. For example, you can’t claim any expenses related to the letting – wear and tear, heating or lighting etc and you’ll also have to make sure you’ve got proper property insurance cover and liability protection in case anyone is injured whilst staying with you.
But with some Wimbledon residents letting whole floors to ranked tennis players and charging £1,000 a week, the rewards can make it all worthwhile.
Do your homework – there are quite a few different websites that offer to promote your letting – before you commit your home, and your time.
This article first appeared in our weekly homeowner newsletter dated 27th June 2011. Click here to read the full newsletter.
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photo credit: leon brocard
*Please note, Price Engines Ltd and the ‘Quoter family of websites are in no way affiliated with Credit Choices. You should always seek independent advice before entering into any letting arrangements etc.