The Must-Read Guide to Renting Out a Home While Travelling
There are two choices: selling it or renting it out. The latter is usually more preferable if you plan to return at some point. Below, we dive into your options and provide the advice you must know before you leave.
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Renting Out Your Home
Firstly, renting out your home while you travel is somewhat of a risk. Being a landlord is a full-time job, which means you need to be in the vicinity of the property to manage it. If you are not, then you need someone who will do this for you, ideally a property manager.
Of course, this costs money. It is important to find a property manager whom you trust and who understands you won’t be around. This is because there may be times when they can’t contact you and have to make decisions on your behalf. The National Residential Landlords Association has a list of people they have checked who should be trustworthy.
Make sure you not only look at their price, but also their tenant vetting process. If you get renters who do not look after your property, it can cause a lot of damage and expenditure. This is not a stress you want while travelling. Ensure all tenants have solid references and complete credit checks.
Check With Your Mortgage Provider
You must check with your mortgage provider if you currently live in the house on a standard mortgage. It is likely that you signed a deal saying that it was your primary place of residence. Luckily, you can apply for a consent to let, which is a paper from the provider saying they will let you rent the property out. They are not obliged to give it. You should also let your insurance provider know.
If, on the other hand, you already own a property as a buy-to-let and you want to free up some capital, then Sold has plenty of advice on how to sell a tenanted property. This is important, as you cannot just move into a buy-to-let property if you decide to return to the UK, due to the way interest on the lending works. They can help you sell the property with two solutions, depending on how quickly you want a sale. This includes selling it to them or letting them put it on the market for you.
What Do I Do With Bills?
Bills are the responsibility of the tenant. If you have signed up with a property manager, they should deal with them for you. Make sure you take meter readings for gas, electricity and water before you leave. Then, you just need to make sure you remove yourself from the council tax. Gov.uk is a great place to find a wealth of information on renting your home and how to remove your name from the register.
None of this is easy. However, by finding the right tenant and property manager, you can rest assured your property is in great hands. Once you have your nest egg secured, you can then concentrate on travelling the world.
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