The ‘Wimbledon Effect’ – A Great Opportunity To Put Cash Into Your...

The ‘Wimbledon Effect’ – A Great Opportunity To Put Cash Into Your Pocket

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If you are lucky enough to live or own property within the reaches of Wimbledon, or SW19, then grab your chance of making some extra cash now. Many local residents have seen a great opportunity to earn some extra income with short-let rentals. They are cashing in by renting out their homes or extra rooms to fans, players and relatives.

Since the banks are not paying many dividends for deposit accounts right now, people are looking for other opportunities to make money. Joanna Doniger of Tennis London says: “The chance to make a substantial amount from a short let is encouraging more people to rent out their homes to players and fans. No one’s getting any income from deposit accounts so they are looking for other ways to make money.” Tennis London is responsible for arranging short-let stays during the tournament within the region.

Joanna Doniger said there is big money in home rentals within the London SW19 area. Situated ideally close to the tennis tournament, the area offers great opportunities for the quick-minded. Prices for weekly rents can range from around £1,200 for a two-bedroom flat in Southfields to £2,500 for a two-bedroom flat in Wimbledon village, or £5,000 for a larger property overlooking the grounds.

Renting out your home, or portions of it to a hungry crowd of event goers isn’t a new probability for residents of Edinburgh. The famous Scottish festival, which attracts over three million visitors each year, has long been used by locals to earn some extra income with short letting.

Short letting is certainly a talking point for Londoners for the London Olympics and Paralympics in 2012. Experts caution landlords to consider their costs since agencies demand hefty commissions of between 15-25 percent. Added registration fees, contract fees, inventory fees, etc can quickly turn a seemingly great deal sour for home owners. Another fact to consider is the cost of utilities (less telephone costs) which are usually included in short let contracts.

Photo credits: Steve via Flickr