Car Hire Glasgow Airport think that local residents have a great opportunity to make some extra money from the Commonwealth Games next summer, but do advise to be sure of all the possibilities before doing it.
There is a possible windfall for local Glasgow residents during the Commonwealth Games as there is advice that they could make as much as £3,000 per week renting out their homes next summer.
As hotel accommodation in the city is already close to full capacity, letting agents are profiting by signing up private properties to be rented out during the period of the Commonwealth Games. The rental market experienced a mass surge in the short-term during the Olympic Games last year. Some of the large properties in the English capital asking as much as £88,000 per week, although there will be a reduced benefit for those in Glasgow.
Agency Commonwealth Letting already has some properties listed including one near Hampden Stadium for £2,000 per week, with interest believed to rocket since the ticket allocation. Mark Sheppard, of Commonwealth Letting, said: “We think between £2,000 and £3,000 per week for a three-bedroomed home is about right. It gives a wonderful opportunity for residents to make some income. We expect most of the people who will be looking to rent will be general spectators, relatives of competitors, or staffing members who might be part of the Commonwealth Federation but won’t be located inside the athletes’ village.”
There is even a chance for properties outside the city to profit, with a property 40 minutes outside the city listed for £2,000 per week during the games. It is also important to be aware of the potential drawbacks and to think it through properly before going ahead and listing your property.
Brian Moran, Scottish spokesman for the Association of Residential Letting Agents, warned of the potential pitfalls of renting out your home. He said, “A lot of people rush into something like this because there is good money to be made but they do have to be careful. If you’re renting out your own home for the first time you should notify your mortgage and insurance providers as they may need to amend the terms of your policies. You should also build utility bill usage into the price you ask, and be careful about taking card payments. We would also advise meeting the tenant to give peace of mind.”