So you’ve decided to take an extended trip around the world, but what do you do with your property when you’re gone. For homeowners, it can be a little more tricky, as there’s a lot more to consider.
Sell your home
If you’re planning to travel indefinitely, or plan to settle in a different place when you’re finished. Then you might want to sell your property and use the funds to travel or to put towards a new place when you’re ready. When you come to buying again, there are a number of home buyer assistance programs that can help you.
Before you sell, take into account the housing market, property prices and the area you’re looking to move to.
Rent it out
If you still have a mortgage to pay on your property, then renting it out makes a lot of sense. You can still cover your payments while you’re travelling. Check with your mortgage company if you’re allowed to do this first, or you could invalidate your agreement with them.
Make sure you take out the relevant insurances and make the necessary checks on the people you are renting to. You will also need someone who can act on your behalf if there is an issue with the property. This can be a friend, relative or professional letting agency.
Short term rentals
Property owners can make a very good living by listing their properties on sites like Airbnb. You could potentially make an income from it. If your property is in good condition and is in an area that gets a lot of tourists or business travellers, then you should consider this option.
If you’re going to rent out your property like this, you’ll need to make sure that it’s up to standard and complies with any necessary health and safety regulations. You’ll also need someone to manage the property on your behalf. They’ll need to be able to be contacted by the people staying at the property and ensure that the place is cleaned in between guests. Again, you can have used a friend or family member or there are a number of independent property managers who can do this for a fee.
Use a housesitter
You can get a professional housesitter to stay on your property while you’re away. Depending on the particular type you use, they agree to look after the property and do regular cleaning and maintenance in exchange for staying there. Make sure you agree in advance about what they’ll be expected to do and pay for while they’re there.
Final thoughts
Travelling is exciting, but having a property means that you have a few more things to consider before you can head off on an adventure. There are a number of options, but you have to decide what is better for you financially and in the long term. Knowing your property is safe and secure can mean you can travel with fewer worries and just concentrate on enjoying yourself.
