Posted: 11th October
Property and the Rugby World Cup
What does the property market have to do with a big sporting event? The Rugby World Cup kicked off in style at Twickenham Stadium, with 82,000 excited fans watching England beat Fiji in the opening game a couple of weeks ago.
Not only was it a victory for England, but also for the local property market. In the week leading up to the first game, there was a last minute dash to secure properties – some fans were prepared to pay over £15,000 for six weeks.
Events like the Rugby World Cup are a prime opportunity for homeowners to make a little more from a property investment, and it is not only those in Twickenham that will benefit. Games will be taking place in Cardiff, Brighton, Gloucester, Leeds, Birmingham, Exeter, Milton Keynes, Newcastle, Leicester and Manchester over the next five weeks, and with some areas unable to provide enough hotels and guest houses for fans, there is money to be made by either renting out a spare room on match day, or vacating your whole house for the duration of the games.
Tempted to have a go at being an event landlord yourself? Here’s what you need to know.
How much can you make?
How much you can a charge depends on a number of factors including the condition, size and location of your home.
As a rule of thumb, an average property is being marketed for as much as three times its normal value. In St Margaret’s near Twickenham for example, a three-bed property in good condition is being renting out for £1,500 a week. While at the top end of the market, stunning duplex apartments in Twickenham are on the market for £3,650 a week.
However, it’s important to be realistic about the level of rent you set, as sky-high prices may put some people off where there’s no shortage of accommodation, and result in disappointed landlords and empty properties.
Before you get too carried away, it’s important to make sure you have the basics in place. Here are a few key things to remember:
– Make sure you get insurance from a specialist broker for renting out your home as a holiday let – a regular home insurance policy won’t do.
– Make sure you are covered against accidental damage and theft by guests – and public liability insurance to cover you against accidents or injury to guests at your property. It should also cover for loss of rent.
– Don’t forget to declare your income from renting out your home if you are collecting anything over and above the tax-free limit. Under the government’s Rent a Room scheme, it is possible to earn up to £4,250 a year tax-free from letting a spare room.