Still thinking about renting your spare room?
There are over 5.4 million homeowners who have additional space in the UK, that could be cashing in on local events such as the famous Edinburgh Hogmanay, Oxford Literary Fair, the Grand National in Aintree or the PGA Golf Championships in Surrey.
Many London homeowners are planning on cashing-in on the arrival of 500,000 sports fans this summer. With some hotels quadrupling their prices due to the unprecedented demand for accommodation, homeowners are charging as much as £175 a night for a double room.
We’ve chatted to Michael Holmes, presenter of Channel 5’s Britain’s Best Home and editor-in-chief of Homebuilding & Renovating magazine, Real Homes magazine and Period Living magazine. He says “For a property located close to a major event, it can make real sense to clear out the spare room or rooms, put items into self storage and let it out for the duration of the event”.
To get started you won’t have to register as a landlord, but you need to tell your mortgage company and home insurers. Also you must make sure your home meets safety regulations – ideally with smoke alarms and a gas safety certificate. Michael Holmes does warn “However, homeowners should check potential guests, take references and look at getting paid up front, so there is minimal risk in letting out a room on a short term basis”. More than 2,500 Londoners have registered with website Crashpadder.com, which links homeowners with spare rooms and tourists looking for accommodation.
Self storage units provide a flexible, easy and clean way to clear out the clutter for a short period of time and the potential rental income will far outweigh the self storage costs. Michael Holmes says “For people who are keen to let their home out in its entirety for the duration of an event, locking their valuables away or putting them into self storage is vital.”
By renting a room during popular events you can boost your household income, some to earn an additional £1000 per week. Homeowners planning on renting out their spare room are looking forward to the extra cash to travel more, make home improvements and generally treat themselves.