By Charlotte Beugge

Londoners with homes close to the main Olympic site in Stratford, east London, could be onto a financial winner if they let their homes out for the games.

With less than six months to the start of the first games to be held in the capital since 1948, many financially hard-pressed Londoners are seeing this as a way to boost their income.

A recent report from accommodation website Wimdu found that room rates in the capital could soar by 2,000% for the Olympic period. It's been estimated that Londoners renting out rooms or their complete homes could make £1.6 billion from those visiting the games.

However, there are hurdles you will have to clear if you want to make money from the games. You'll have to have a home close to the Stratford site, either on foot or by public transport and you'll need a good standard of facilities and decoration.

Income from your home let will be taxable so you'll have to declare it to HM Revenue & Customs. If you use an agent, you'll have to pay commission but you'll benefit in that they will provide a contract and collect the rent for you.

You will also need to tell your home insurance providers as most household policies do not cover commercial rents - you may have to arrange a temporary policy. If you have a mortgage, then you will have to tell your mortgage lender- even if you are only letting for a few weeks.