Letting a spare room or two to tenants has always been a useful way for homeowners to boost their income and take advantage of any vacant space in their property.

And with rental yields currently high, demand holding strong and supply said to be low, it's unlikely that anyone thinking of taking such a course of action would experience much difficulty in finding someone to rent one of their rooms.

However, given that allowing a stranger to live in your home is a significant step to take, the director of SpareRoom, Matt Hutchinson, has urged homeowners to think carefully before setting up such an arrangement.

"It is always important to take your time and do a bit of homework. It is not like a simple financial transaction; it is letting someone live in your house," he said.

What's more, as well as the issue of sharing your home with tenants when it comes to ensuring you'll get along with each other, it's just as important to take financial aspects into account - and this isn't just restricted to reasonable rent prices.

"[Make] sure you have informed your mortgage provider and insurance company and, if you get a single person discount, then you need to contact the council tax office as well," Mr Hutchinson added.

Considering that ordinary home insurance policies will not extend to cover tenants who you may be renting your rooms to, landlord insurance could be one of the financial considerations that Mr Hutchinson highlights for anyone thinking of letting their property.

So with the Olympics on the horizon and many homeowners looking to cash in on the demand for accommodation in the capital during the event, it could be that this is a particularly useful bit of advice if you're going to be living with a complete stranger for a week or two.

But whether it's a short or long term arrangement, compatibility with potential tenants is also something that has to be remembered alongside the financial aspects of the letting process.