One in three consider a rental Olympics
NEARLY one in three homeowners would consider securing Olympic gold by renting out rooms to visitors during the 2012 London games, reveals new research from Direct Line.
More than one million might have missed out on tickets but the nationwide study shows 31 per cent of homeowners are considering renting out rooms, becoming Olympic home hoteliers during the Games.
Homeowners as far afield as Land’s End and John O’Groats are considering capitalising on the Olympics tourism boom, hoping that visitors will take the opportunity to view more of the UK than just the stadium in Stratford.
Here in Uttlesford, homes and rental company Stansted Airport Lettings has greeted the news with enthusiasm.
“It is not surprising that across the country, over 31 per cent of homeowners are considering renting out their homes during the games next year,” said managing director Terry Farthing.
“But anyone who is planning on becoming an Olympic home hotelier needs to think very carefully before going ahead.”
The research by Direct Line shows that in London and its outskirts, 45 per cent people are considering renting out rooms or their whole house. The insurance company is using the information to launch a special Olympic home insurance for the games but it will NOT cover accidental damage.
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“The Olympics is a once in a generation opportunity.” said Mr Farthing from his office overlooking Stansted, one of the gateways to the UK in August next year.
“Thousands of individuals and families from across the world will visit our shores not only for the two weeks of the Games but for months and years afterwards.
“We are encouraging people to yes, think about renting out your homes, but consider the implications as with many money making schemes, you could be left out of pocket.”
Mr Farthing, who sits on the Stort Valley Olympic Committee, has lived and worked in the Stortford area for over 30 years.
“It is important people use professionals who are used to dealing with the detail of renting out properties and know where the pitfalls are,” he added.
“By doing this they will have the peace of mind of knowing someone they can trust is looking after their home and helping them to benefit from this global event.”
Direct Line is launching temporary cover for the Olympics for its home insurance policies to ensure customers are clear on what is and is not covered if they do decide to become a games hotel.