Image from mwgp.co.uk

As this FIFA World Cup 2010 finally begins edging towards something realistically close, it is time to think about how we as individual South Africans can score a few extra South African commercial ront in June and July.

Obviously, the easiest way to make any kind of decent wonga will be to hire out your house. Opening up the doors of your private family home to perfect strangers who might not even speak English is risky, but something that can equate to a pretty penny. For a fat fee, most estate agents will happily take care of much of the admin for you, but there should still be plenty leftover to make the process worthwhile.

However, all is not so simple. According to ThePropertyMag.co.za, hosting people in your house or home comes with serious risk, some of which your insurers may not cover.

The easiest way for you to lose out in this whole deal is if your guests don't pay you. The best way around this is to demand payment up front - a totally reasonable request, as trying to get money out of foreigners once they have left our shores is as easy as finding parking in the Cape Town CBD after 8am. ThePropertyMag doesn't think that this risk is insurable in "the short term personal lines market". You will have to Google that.

If people staying at your house suffer food poisoning, fall in a place that is not safe or any of that malarkey then you will be liable and could be sued. To make matters worse, your guests won't be forced to sue you from South Africa, so you could end up paying damages in pounds or dollars, escalating the cost somewhat.

The real trick is to be honest with your insurers and tell them what you intend doing. Yes, you may have to pay a few extra bob, but you could end up sifting out loads more if something was to go wrong.

Also, if you plan to go through an estate agency, do it soon. Many agencies are turning new customers away as they can only cope with a finite amount of accommodation.

And good luck.



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tax.

Submitted by Leejay on Mon, 02/01/2010 - 13:06.

as far as I understand any earnings made by renting your house out is to be taxed as income tax? is that accurate?


 
 
 
 

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