Many Glaswegians may have been disappointed that they did not receive any tickets for the Commonwealth Games at the first allocation but be heartened to note that with the influx of visitors to Glasgow for the Games there may be an opportunity to make some money by renting out their properties as a holiday let.
Between the 23rd July and the 3rd August 2014, at the 20th edition of the Commonwealth Games, it is expected that 6,500 athletes from 71 nations will be converging on our “Dear Green Place” to compete in 17 different sports. Add general spectators, relatives of competitors and staffing members and you will get an idea of the numbers of people who will be seeking accommodation.
Hotels in the city are already nearly full to capacity and letting agents are beginning to sign up private properties to be rented out during the Games. Agency Commonwealth Letting as of now have properties listed, including a two- bedroomed flat in the City’s West End for £1750 per week.
So whilst now may be the perfect time to consider a holiday let , we would advise you not to just jump in there blindly. Although a lot of rental legislation isn’t designed to apply to holiday lets this does not mean that it is just a case of having extra sets of keys cut and opening the door.
Certainly you do not need to register with the local authority as a landlord but you do still need to consider certain points:
- Your home must reach the tolerable standard and repairing standard
- You will need to advise your mortgage lender and insurance providers as they may need to amend the terms of your policies
- You should ensure all smoke detectors work
- You will need Gas and Electricity Safety Certificates.
- You should be aware that rent is considered income by HMRC and tax will require to be paid.
- In assessing the amount of rental being asked you should build into that utility bill usage.
- Preparing an Inventory of what is in the property and its state of repair is helpful to avoid issues at a later date.
We are property experts and are here to help. For advice please contact Alison Gourley firstname.lastname@example.org