Embarking on an exciting adventure of moving abroad comes with a host of decisions and considerations. One important aspect is what to do with your current house while you're away. Whether you own the property or rent it, there are various options to explore that can help ensure your house is taken care of during your time abroad. In this blog article, we will delve into the key factors to consider and provide guidance on what to do with your house when moving abroad.
Renting Out Your Property: If you own your house, renting it out can be a practical solution that offers several advantages. Renting allows you to generate income, cover mortgage payments, and maintain an active investment. Here are some steps to follow:
a. Research Local Rental Market: Investigate the rental market in your area and determine a competitive rental price for your property. Consider factors such as location, amenities, and current market demand.
b. Find a Reliable Tenant: Conduct thorough tenant screening, including background checks, credit checks, and references. Working with a reputable property management company or a letting agent can help streamline this process.
c. Draft a Rental Agreement: Create a legally binding rental agreement that outlines the terms and conditions of the tenancy, including rent payment, maintenance responsibilities, and duration of the lease. Seek legal advice to ensure compliance with local laws and regulations.
d. Property Management: Decide whether you will manage the property yourself or hire a property management company. A professional property manager can handle tenant communications, maintenance issues, and rent collection on your behalf.
House-Sitting or Home Exchange: For shorter durations abroad or if you prefer to keep your property occupied, house-sitting or home exchange can be appealing options. House-sitting involves having someone live in your house while you're away, taking care of maintenance and security. The home exchange involves swapping homes with someone in your destination country. Here's what you need to consider:
a. Find Trustworthy House-Sitters: Look for reliable house-sitting platforms or connect with friends, family, or trusted acquaintances who may be interested in staying in your home. Conduct interviews and background checks to ensure they are a good fit.
b. Establish Clear Terms: Create a detailed agreement that outlines expectations, responsibilities, and any compensation arrangements. Specify guidelines for utilities, insurance, and maintenance tasks.
c. Home Exchange Platforms: Explore reputable home exchange platforms that facilitate direct home swaps with other homeowners in your desired destination. Review profiles, communicate extensively with potential exchange partners, and establish mutual trust.
Temporarily Vacant: If you're not comfortable with the idea of having others occupy your home or if the duration of your stay abroad is relatively short, leaving the house vacant may be a viable option. However, it's essential to take the necessary steps to protect your property:
Notify Your Insurance Provider: Inform your insurance company about your plans to leave the house vacant. They may have specific requirements or recommendations to ensure coverage during your absence.
Arrange Regular Maintenance: Arrange for someone you trust, such as a friend, family member, or a professional property caretaker, to periodically check on the house. They can ensure the property is secure, perform necessary maintenance tasks, and address any potential issues promptly.
Secure Your Home: Take appropriate security measures, such as installing an alarm system, and motion-activated lights, and notifying neighbours about your absence. Consider redirecting mail or package deliveries to a trusted address to avoid drawing attention to an empty house.
Selling Your Property: In some cases, selling your property may be the most suitable option. Selling provides a clean break and eliminates ongoing responsibilities and maintenance costs. Consider the following factors:
a. Market Conditions: Research the local real estate market and consult with a trusted real estate agent to evaluate the market conditions, property value, and potential selling timeline.
b. Financial Implications: Assess the financial implications of selling, including any capital gains tax, fees, and potential costs associated with the sale process. Consider obtaining a property valuation to have a realistic expectation of the selling price.
c. Legal Considerations: Seek legal advice to understand the legal requirements and implications of selling a property while abroad. This will help ensure a smooth transaction and compliance with local regulations.
Deciding what to do with your house when moving abroad requires careful consideration of various factors. Whether you choose to rent it out, opt for house-sitting or home exchange, leave it temporarily vacant, or sell it, it's crucial to weigh the pros and cons, evaluate local market conditions, and consult with professionals when necessary. By making an informed decision, you can effectively manage your property while embarking on your overseas adventure with peace of mind.
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