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Top tips to turn your home into gold during Olympics

Homeowners who fail to rent their properties by correctly following the relevant regulations can find themselves out of pocket and even falling foul of the law.

The NLA advises that homeowners use the following ten points as guidance if they wish to rent their homes as a short-term holiday let:

1 Ensure the accommodation is properly furnished and includes beds, sheets, towels and appliances – a Wi-Fi connection will be an advantage;
2 Keep the property to a high standard, tenants visiting during the Olympics will expect good quality accommodation;
3 Check the terms and conditions if using a letting agency to find a tenant; typically, they charge a commission of up to 25%;
4 Use a letting agent that is registered with a professional body such as the UK Association of Letting Agents (UKALA) or the Association of Residential Lettings Agents (ARLA);
5 Issue a contract for a Holiday Let or Licence. This can be downloaded from a reputable service that supplies such legal forms such as www.oyezforms.co.uk;
6 Be aware that this type of tenancy contract does not fall within the legislation requiring a tenancy deposit to be protected in a Government-authorised tenancy deposit protection scheme;
7 Take an inventory detailing the contents of the property;
8 Ensure that rent for the whole tenancy is obtained upfront;
9 Supply enough sets of keys for the number of people renting the property;
10 Provide information about the area, such as maps, an events calendar and transport advice.

NLA Chairman David Salusbury said: "It’s important that homeowners wishing to rent their properties during the 2012 Olympics are aware of their responsibilities to tenants, as well as the various regulations they must comply with.

"Homeowners who fail to rent lawfully and fairly may end up falling foul of the law.

"The NLA recommends these guidelines to ensure a successful experience for both the landlord and tenant as they visit the UK to enjoy the 2012 Olympics."

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