How to Make Money from the Olympics
It goes without saying that the Olympics are one of the most popular sporting events in history, if not the most popular. This is easily proven by the number of travellers who seek out being part of the live audience every four years, no matter the location. In the case of the 2012 Olympics, this means hundreds of thousands of people will flock to London.
According to the London Organising Committee, it’s expected that about 350,000 people will arrive in the UK each day that the Olympics play out, and anybody who knows the number of hotel rooms in London knows that the city can barely accommodate a quarter of those. To be specific, there are 80,000 hotel rooms in the capital. Even if the city realizes its plans to increase hotel rooms to 100,000, that is still not even half of the expected visitors.
This is where the potential money comes in; those who live in London or other areas in the UK hosting games, such as Manchester, Eton, Portland, Lee Valley or Coventry, can make more than a quick pile of cash by renting out a room or a home for those not interested in watching the games themselves.
The first step is to find a local listing agent or an online classifieds page to rent out your home on a short-term basis. The best part about this idea is that you already get to charge top dollar considering they are more expensive than offering longer term leases, so doing this during the Olympic games will only double the earnings you can make. In fact, you may still be able to rent out to visiting athletes.
Renting out a room is the same as renting out the entire home, with the added exception that you may want to stay home and also watch the games as well while making easy cash along with it. Just give up one or two rooms and rent them out; the renters likely will not get in your way and will only stay for a couple of weeks, and you will be able to charge them much more than they would normally pay for a short-term stay.
Now the biggest question probably is how much you could actually make by renting out your room or a home to UK Olympic visitors. On an average night, the average room goes for about £35 a night, though it can be as high as £150 in the right area and with the right accommodations. Naturally, the higher demand during the Olympics means hosts will easily be able to charge much more, earning as high as £200 for every night just for renting out a spare room.
The amount you would earn for renting out the entire home would, of course, vary depending on the size and location. You may earn as little as £400 a week, or you can earn as much as £5000 a week.
Of course, it is always important to keep safe about renting out your home. Remember that before you let just anybody take hold of the keys to your home, you should have some kind of contract signed by the tenant that legally requires them to cover any damage that may incur on the property in your absence. It is also important to note that if you intend to rent out your room, you may only earn up to £4,250 tax free by this form of income. As for the entire home, then all of the rent that you receive is considered taxable as a form of income tax.
My name is Nisha Sharma. I represent a site called neteffekt.com. I love to write, especially about travel, finance and offer business advice.